Question: 11. A trader creates a long butterfly spread from options with strike prices $60, $65, and $70 by trading a total of 400 options. The

11. A trader creates a long butterfly spread from options with strike prices $60, $65, and $70 by trading a total of 400 options. The options are worth $11, $14, and $18. What is the maximum net loss (after the cost of the options is taken into account)?

  1. 100
  2. $200
  3. $300
  4. $400

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