3. Option String for MSFT The current price of MSFT is $25. Using the above table of option contracts answer the following question: a) Suppose that you currently own MSFT shares. You would like to enter a strategy of writing covered calls. Explain how you would do that. Draw a diagram of your payoff function. Why would you enter into such a strategy? b) MSFT is currently trading at $25 a share. You believe that MSFT will be very volatile over the next two months. What kind of option strategy could you pursue to take advantage of your predictions. Draw a diagram. Calculate your gain/loss given MSFT stays at $25. How far does MSFT have to move before you make money? c) What are the advantages/disadvantages of entering into a protective put strategy? How would you implement this strategy in this situation