A call option on the Swiss franc (SF) with a strike price of 50 cents is trading for 5 cents and a put option on SF with the same trike price is trading for 6 cents. Here, options represent the right to buy or sell one SF at the given strike price. Consider an option strategy of writing (i.e., selling) two call options and selling four put options. (Assume that the contract size of one option is one unit of SF.)

(1) Graph the combined profit schedule of this investment strategy against the future spot exchange rate ($/SF). (4 points)

(2) Solve and indicate the two break-even future exchange rates at which the profit for the investment strategy is zero. (8 points)