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 are

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,$13, and $16. What is the maximum net loss (after the cost of the options is taken into account)? $300 $400 $200 $100

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