Question: You do a long butterfly spread with PUT options that have exercise prices of $75, $80, and $85. The three puts have prices of $6.52,

You do a long butterfly spread with PUT options that have exercise prices of $75, $80, and $85. The three puts have prices of $6.52, $8.66 and $12.14 and they all expire at the same time. If the underlying asset ends with a price of $82.81, then what is your net payoff?

Answer: 0.85

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