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A reverse (i.e., short) butterfly spread is created from options with strike prices of $20, $25, and $30. At the time of the creation of

A reverse (i.e., short) butterfly spread is created from options with strike prices of $20, $25, and $30. At the time of the creation of this position the option prices are $11, $5, and $2 respectively. What is the profit at the expiration date if the position was created using single standard options covering 100 shares each and the stock price at the expiration date was $33 per share?

a.

$200.

b.

-$300.

c.

-$200.

d.

$100.

e.

$300.

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