b$)$ You establish a straddle on Fincorp using September call and put options with a strike price of $$80.$ The call premium $$7\mathrm{.}00$ and the put premium is $$8\mathrm{.}50.$

i$)$ What is the most you can lose on this position?

ii$)$ What will be your profit or loss if Fincorp is selling for $$88$ in September?

iii$)$ At what stock prices will you break even on the straddle?

Explain your answers