3. Consider a protective put position. Stock Y's price is currently $57 (1.e., S=$57). Assume you own 100 shares of Stock Y. You can buy one put (perfectly covering your 100 shares) with a strike price of R=$55 by paying a $4.00 premium. Draw the "final" payout diagram which shows the gain/loss to this protective put position based on potential underlying stock price movements of Stock Y... you may do so on a "per share" basis or for all 100 shares/1 contract. Regardless of your diagram units, make sure you tell/show me the EXACT gain/loss to the protective put if the underlying stock price of Y moves to S = $45, Su$50, S-$55, S = $57, S=$60, S=$65, and S + $70 (15) 4. Compare the shape and payout possibilities of the protective put you showed in question 3 to the shape and payout possibilities of the covered call you showed in question 2. Specifically, discuss, in a few sentences, at least one relative strength and one relative weakness of the covered call and at least one relative strength and one relative weakness of the protective put