(a) Consider the following two strategies: Strategy 1: short one call option with strike price X + 2a, short one call option with strike price X - 2a, and long two call options with strike price X. Strategy 2: long two put options with strike price x, short one put option with strike price X - 2a, and short one put option with strike price X + 2a. Both strategies are based on the same underlying non-dividend paying stock and all options are European and have the same maturity date, T. Both X and a are positive constants, X - 2a > 0, and the stock price today is equal to X. i. Which strategy has the higher cost to implement today? You must use a payoff table at maturity to comprehensively justify your answer, stating any assumptions. (9 marks) ii. Why would a trader use these strategies? (2 marks)