1. Your client owns a conservative portfolio of long-term US government bonds. You are concerned interest rates are likely to go up in the future, which would reduce the value of your client's portfolio. However, you also suspect higher rates will be driven by increased economic activity, which can be positive for stock market performance. You suggest changing the portfolio to zerocoupon government bonds maturing in 1 year with a par value of $1,000 and call options on the S\&P 500. At the money call options on the SPY (SPDR S\&P 500 ETF Trust) sell 31.75, have a strike price of 445 and 1 year to maturity. Construct a graph that shows the profit from this portfolio (on a per unit basis, i.e. 1 bond and 1 call option) and its components at maturity. For clarification, the graph will have 3 lines: one for the per unit bond value, one for the per unit call option value, and one for the per unit portfolio value. 1. Your client owns a conservative portfolio of long-term US government bonds. You are concerned interest rates are likely to go up in the future, which would reduce the value of your client's portfolio. However, you also suspect higher rates will be driven by increased economic activity, which can be positive for stock market performance. You suggest changing the portfolio to zerocoupon government bonds maturing in 1 year with a par value of $1,000 and call options on the S\&P 500. At the money call options on the SPY (SPDR S\&P 500 ETF Trust) sell 31.75, have a strike price of 445 and 1 year to maturity. Construct a graph that shows the profit from this portfolio (on a per unit basis, i.e. 1 bond and 1 call option) and its components at maturity. For clarification, the graph will have 3 lines: one for the per unit bond value, one for the per unit call option value, and one for the per unit portfolio value