The strike price of a call option on Simpsons Entertainment common stock is \($50\).

a. What is the payoff at expiration of this call if, on the expiration date, Simpsons stock sells for \($55\)?

b. What is the payoff at expiration of this call if, on the expiration date, Simpsons stock sells for \($45\)?

c. Draw the payoff diagram for this option.