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1. Construct the payoff diagram for the purchase of an 85-strike S&R call and the sale of a 100-strike S&R call. Construct the payoff diagram

1. Construct the payoff diagram for the purchase of an 85-strike S&R call and the sale of a 100-strike S&R call. Construct the payoff diagram for the purchase of an 85-strike S&R put and sale of a 100-strike S&R put.

What is the difference in the payoff diagrams for the call and put spreads? Why is Is there a difference?

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