8. Three month European put options with strike prices of $50, $55, and S60 cost $2, $4, and $7, respectively. A butterfly spread is created by buying a 50-strike put, selling two 55-strike put, and buying a 60-strike put. The risk-free 3.month interest rate is 5%. (a) What is the maximum gain when a butterfly spread is created from the put options? (b) What is the maximum loss when a butterfly spread is created from the put options? (c) For what two values of Sr does the holder of the butterfly spread breakeven, where ST is the stock price in three months