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A trader creates a long butterfly spread from options with strike prices $60, $65, and $70 by trading a total of 400 options. The options

A trader creates a long butterfly spread from options with strike prices $60, $65, and $70 by trading a total of 400 options. The options are worth $11, $14, and $18.

a)Build a table showing the payoff and profit of this strategy.

b)What is the maximum profit that the trader can earn by using this strategy?

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