If the underlying asset is tradable and a dividend exists, the forward price is given by:
where
{\displaystyle F} F is the forward price to be paid at time
{\displaystyle T} T
{\displaystyle e^{x}} e^{x} is the exponential function (used for calculating continuous compounding interests)
{\displaystyle r} r is the risk-free interest rate
{\displaystyle q} q is the cost-of-carry
{\displaystyle S{0}} S{0} is the spot price of the asset (i.e. what it would sell for at time 0)
{\displaystyle D{i}} D{i} is a dividend that is guaranteed to be paid at time {\displaystyle t{i}} t{i} where {\displaystyle 0<t{i}<T.} 0<t{i}<T.
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