Three put options on a stock have the same expiration date and strike prices of $55, $60, and $65. The market prices of the options are $3, $5, and $8, respectively. An investor creates a strategy by buying a $55 put, buying a $65 put, and selling two of the $60 puts. For what range of stock prices at the expiration date would the strategy produce a loss?

Group of answer choices

between $55 and $65

below $56 or above $64

between $56 and $64

below $54 or above $66