A trader creates a long butterfly spread from put options with strike prices $60, $65, and $70 that cost $11, $14, and $18, respectively. They trade a total of 400 options (i.e. buy 100 puts with K=$60, buy 100 puts with K=$70 and sell 200 puts with K=$65).

The trader will incur a loss if the terminal spot price is:

a.

below $69

b.

below $65

c.

above $61

d.

above $69