2. There are traded options with XYZ stocks as their underlying assets.a) The following table lists prices of various XYZ options. Use the data in thistable to calculate the payoffs and the profits for the position in each of thefollowing June maturity options, assuming that the stock price on the maturitydate is $102.Strike Price (X) OptionPremium Payoff ProfitShort put option, X = $96 2.30Short call option, X = $103 3.10Long put option, X = $104 4.80Long call option, X = $98 6.00b) Draw the payoff graphs for a long XYZ call with strike price $98 and a longXYZ put with strike price $104 respectively. In addition, draw the payoffgraph for the combined position of a long XYZ call with strike price $98 and along XYZ put with strike price $104. (Draw these three graphs separately andlabel them clearly with values of important points on the x- and y-axes.)