1. Draw and explain the payoff pattern for a naked call from the point of view of a writer of the call. 2. A dealer forecasts that the discount rate on a 60-day bi will be 3.30%. The current discount rate on a 90-day bill is 3.30%. What is the highest 30-day repo rate the dealer can afford to pay and still expect to break even? 3. I offer to borrow money from you for 90 days at the following interest rate quotations: A. a discount rate of 4.00%. B. a simple interest money market rate of 4.05%. C. a "bond equivalent" yield (simple interest 365 day) rate of 410%. Which is the better deal from your point of view