19. Regarding the butterfly in Problem 18 above, what would that payoff be? (Round dollar answer to the nearest dollar). 20. The objective in credit spreads is to let theta work for the investor; the intent is get all options to expire worthless. T/F 21. You believe that SPY will be range-bound over the coming week. What strategy works best under these circumstances? a. Calendar spread b. Straddle c. Vertical credit spread d. Strangle e. Butterfly 19. Regarding the butterfly in Problem 18 above, what would that payoff be? (Round dollar answer to the nearest dollar). 20. The objective in credit spreads is to let theta work for the investor; the intent is get all options to expire worthless. T/F 21. You believe that SPY will be range-bound over the coming week. What strategy works best under these circumstances? a. Calendar spread b. Straddle c. Vertical credit spread d. Strangle e. Butterfly