Which of the following statements related to forward and futures prices is true?
A. If the forward price does not equal the futures price arbitragers will exploit this arbitrage opportunity.
B. The level of interest rates determines whether the forward price is higher or lower than the futures price.
C. The volatility of interest rates determines whether the forward price is higher or lower than the futures price.
D. Whether the forward price will be higher or lower than the futures price depends on correlation between interest rate and futures price.