$($b$)$ Let a certain stock be selling at Rs $87.$ An investor feels that significant change in price is un$-$likely in the next $3$ months. He observes market price of $3$ month calls as: Graphically represent the trading strategies $($spread$,$ straddle, and strangle$)$ and give payoffs for each strategy when the expected stock prices are Rs $83$ and Rs$.92.(10)$