Question: Three put options on a stock have the same expiration date and strike prices of $55, $60, and $65. The market prices are $3, $5,

Three put options on a stock have the same expiration date
and strike prices of $55, $60, and $65. The market prices are

Three put options on a stock have the same expiration date and strike prices of $55, $60, and $65. The market prices are $3, $5, and $8, respectively. (a) (4 points) Explain how a butterfly spread can be created. (b) (4 points) Construct a table showing the profit from the strategy. (c) (4 points) For what range of stock prices would the butterfly spread lead to a loss

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