1. Strips and straps are variations of straddles. A long strip is buying two puts and one call on a security with the same exercise price and expiration date. A long strap is buying two calls and one put.

(a) Write the payoff table of a long strip.

(b) Graph one diagram to show the payoff plot and the profit plot of a long strip.

(c) Write the payoff table of a long strap.

(d) Graph one diagram to show the payoff plot and profit plot of a long strap