Question: 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

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 12.1, 14.2, and 19.7. What is the maximum net loss (after the cost of the options is taken into account)

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