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A trader shorts 2 European calls and 3 European puts on a stock. Both the calls and puts will be expired in 3 months and

A trader shorts 2 European calls and 3 European puts on a stock. Both the calls and puts will be expired in 3 months and are traded at $5 and $4 with strike prices $45 and $40, respectively. Find the range of the underlying asset price such that the trader’s positions will lead to a profit in three months.

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