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9. Three put options on a stock have the same expiration date and strike prices of $55,$60, and $65. The market prices are $4,$6, and

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9. Three put options on a stock have the same expiration date and strike prices of $55,$60, and $65. The market prices are $4,$6, and $9, respectively. Explain how a butterfly spread can be created. Construct a table showing the profit from the strategy. For what range of stock prices would the butterfly spread lead to a loss

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