Question: A trader creates a long butterfly spread from options with strike prices $60, $65, and $69 by trading a total of 400 options. The options

A trader creates a long butterfly spread from options with strike prices $60, $65, and $69 by trading a total of 400 options. The options are worth $9, $14 and $19. What is the max net gain (after the cost of the options is taken into account)?

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