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4. A trader who owns one share of a stock buys a put option on the same stock with strike price X=50 and sells a

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4. A trader who owns one share of a stock buys a put option on the same stock with strike price X=50 and sells a call option on the same stock with strike price X=60. Excluding the initial cost, find the payoff range that this position can generate at expiration date. That is find If ST 60 Payoff=

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