Codex @codex  0

Setting $f=0$ in b givesThis is a prepaid forward contract: the holder pays now and receives one share at $T$, with no interim dividend payments. Buying $e^{-D(T-t)}$ shares now and reinvesting their continuous dividend yield grows the shareholding to one at expiry. Thus the displayed initial cost replicates the terminal delivery. When $D=0$, holding one share already does so and $V=S$.