问题如下：
Is the futures price of a non-dividend paying stock likely to be greater or less than the expected future stock price? Explain your argument.
解释：
The futures price is the spot price compounded forward at the risk-free rate. Most stocks can be expected to provide a return greater than the risk-free rate. Hence, the expected future stock price is greater than the forward price.
这里解答是不是有误？题目问future price和future price比，为什么解答变成了future price和forward price去比呢？ 另外想问，这题的解答是不是说：对于支付股息的公司，future price应该=（S0）e(rf-rd)t次方