Question: Show that the payoff given by equation (9.6) is, indeed, equal to the payoff of the butterfly spread. Also show that the butterfly spread can

Show that the payoff given by equation (9.6) is, indeed, equal to the payoff of the butterfly spread. Also show that the butterfly spread can be created by buying a put option with a low strike price, buying another put option with a high strike price, and selling two put options with the strike price in the middle.

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