# Black (1976) model: relationship between spot and forward prices

Does the Black (1976) model require the existence of the relation $F(t,T)=S(t)e^{r(T−t)}$?

I studied the derivation of the Black-Scholes formula. However, although I know the Black formula, I've never studied its entire derivation process. And probably the easiest way to justify the formula is using that relationship (something that motivates the previous question).

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