Show that the payoff given by equation (9.6) is, indeed, equal to the payoff of the butterfly

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Show that the payoff given by equation (9.6) is, indeed, equal to the payoff of the butterfly spread. Also show that the butterfly spread can be created by buying a put option with a low strike price, buying another put option with a high strike price, and selling two put options with the strike price in the middle.
Strike Price
In finance, the strike price of an option is the fixed price at which the owner of the option can buy, or sell, the underlying security or commodity.
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Organic Chemistry

ISBN: 9788120307209

6th Edition

Authors: Robert Thornton Morrison, Robert Neilson Boyd

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