1) Call options on a stock are available with strike prices of $15, $17.5 and $20 and expiration dates in three months. Their prices are $4, $2 and $0.5 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 for four possible price ranges. 2) Suppose that put options on a stock with strike prices $30 and $35 cost $4 and $7, respectively. How can the options be used to create (a) a bull spread and (b) a bear spread? Construct a table that shows the profit and payoff for both spreads for three possible price ranges