1. You write a put option with exercise price = 100, and buy a put option with exercise price =110. These two puts are on the same stock and have the same expiration date.

(1). Please summarize this strategys payoff in the following table

	S<100	100	S>110
Write a put X=100
Buy a put X=110
Total Payoff
Total Gain/loss

(2). Based on the results above, draw the payoff graph for this strategy.

(3). If the underlying stock has a positive beta, does this strategy have a positive or negative beta?