Question: You decide to do an Iron Condor because it sounds cool. You start in the middle of the payoff graph by constructing a short strangle.

You decide to do an Iron Condor because it sounds cool. You start in the middle of the payoff graph by constructing a short strangle. The put has a strike price of $8 and a premium of $1.03 and the call has a strike price of $12 and a premium of $1.66. You then add a put (strike price = $4, premium = $0.07) to protect against the underlying asset's extreme downside and a call (strike price = $16, premium = $0.79) to protect against its extreme upside. What is the lower of the Iron Condor's two breakeven points?

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