An investor buys a call option and simultaneusly sells a put option on the same underlying asset. If both options have the same strike price and maturity, describe the investor’s total payoff from this strategy.

An investor enters into a short position in a forward contract on stock X with a maturity of 5 months. Stock X is expected to have a dividend yield of 2% for each of the next three months and 4.5% for each of the two months before maturity. The risk-free rate is 4%, and the current price of stock X is $20. If stock X has a spot price of $23 at maturity, how much is the investor’s payoff?