Assume that the change of numeraire formula does not hold at time t, and we have XY (t) Consider a..

Assume that the change of numeraire formula does not hold
at time t, and we have XY (t)

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Consider a dividend paying stock S in a continuous
dividend payment model given by. Assume that the price the asset representing
the stock plus the dividends Se with respect to the money market M follows
geometric Brownian motion  

Determine