4. The profit of an option position is the payoff minus the premium. Suppose a 950-strike put on S costs 51.78. Let S(T) be the spot price of S at maturity. (1) What are the payoff and profit on a written put if S(T) = 900? (2) What must S(T) be to break even? What is the payoff for this price. 5. A profit diagram for an option is a graph of the profit as a function of the price S(T) at maturity. Draw a profit diagram for both the purchased and written put described in exercise 4