11.4. Call options on a stock are available with strike prices of $15, 1 2 $17 ,...

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11.4. Call options on a stock are available with strike prices of $15, 1 2 $17 , and $20 and expiration dates in three months. Their prices are $4, $2, and 1 2 $ , respectively. Explain how the options can be used to create a butterfly spread. Construct a table showing how profit varies with stock price for the butterfly spread.

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