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3. (12 points) Suppose you purchase one Texas Instruments August $75 call option contract at $7.50 and write one Texas Instruments August $80 call

3. (12 points) Suppose you purchase one Texas Instruments August $75 call option contract at $7.50 and write one Texas Instruments August $80 call option contract at $6, where $75 and $80 are the strike prices, respectively. What is the profit (loss) at expiration if the TI's stock price at expiration is at the following levels? a. $70 b. $75 c. $80 d. $85

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