5. A long collar is a strategy that involves simultaneously longing stock, longing a put option with strike price X1, writing a call option with strike price X2 (where X2>X1) and where both options have the same expiration date. a). Construct the payoff table at expiration for the long collar strategy.

b). Draw the payoff diagram at expiration for the long collar strategy and label all the critical points and lines drawn (i.e., label the slopes and intercepts).