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64. Three put options on a stock have the same expiration date and strike prices of $55, $60, and $65 and market prices $3, $5,

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64. Three put options on a stock have the same expiration date and strike prices of $55, $60, and $65 and market prices $3, $5, and $8. Explain how a butterfly spread can be created. Illustrate the profit from the strategy. For what range of stock prices would the butterfly spread lead to a loss

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