An investor buys a butterfly spread on COPCO stock by buying one put option with an exercise price of $50 for $1, buying one put option with an exercise price of $60 for $7 and selling two put options with an exercise price of $55 for $3 each. (above relates to the 3 questions below) (Please show workings)

1. If COPCOs expiration date stock price is $48, the investors profit is: (a) $5 (b) -$2 (c) $1 (d) -$7.

2. If COPCOs expiration date stock price is $54, the investors profit is: (a) $6 (b) -$10 (c) -$6 (d) $2.

3. If COPCOs expiration date stock price is $62, the investors profit is: (a) -$2 (b) $5 (c) -$9 (d) $2