(a) Draw the pay-off curve of the following portfolio and tell what the owner (investor) has in mind P50+P100+C100C150 and 2P40+3P50+2C60C70C80. Note: Cx and Py refer to the European call and put options with strike price x and y, respectively. (b) Compute the payoffs and sketch the payoff diagrams for the following portfolio involving European options with expiry date T. Long one call and two puts, all with strike K. [3]