Question: A butterfly spread is a position in three options on the same underlying stock with different strikes. An investor buys one call with a strike

A butterfly spread is a position in three options on the same underlying stock with different strikes. An investor buys one call with a strike K1 = 92, sells two calls with a strike K2 = 94 and buys one call with a strike K3 = 96. What is the payoff of the butterfly spread, if the stock price equals $94 at maturity? O -$1 $2 O $0 O $1

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