Question: Three put options on a stock have the same expiration date and strike prices of $70, $80, and $90 are available at prices of $5,

Three put options on a stock have the same expiration date and strike prices of $70, $80, and $90 are available at prices of $5, $7, and $10, respectively. Explain how a butterfly spread can be created. Construct a table showing the profit from the strategy. For what range of stock prices would the butterfly spread lead to a loss?

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