Three put options on a stock have the same expiration date and strike prices of e $55,$ e $60,$ and

e $65.$ The market prices are e $3,$ e $5,$ and e $8,$ respectively.

$($a$)$ Explain how a butterfly spread can be created

$($b$)$ Construct a table showing the proflt from the strategy

$($c$)$ For what range of stock prices would the butterfly spread lead to a loss?

Explain how it works when S$($t$)<55$