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An investor creates a butterfly spread by trading 9 - month call options with strike prices of $ 1 1 5 , $ 1 2

An investor creates a butterfly spread by trading 9-month call options with strike prices of $115, $125, and $135. The prices of the options are $20.50, $14.50, and $9.50, respectively.
(Note: Total payoff does not include initial investment)
a. What is the initial investment?
b. What is the total payoff when the stock price in 9 months is 110?
c. What is the total payoff when the stock price in 9 months is 120?
d. What is the total payoff when the stock price in 9 months is 125?
e. What is the total payoff when the stock price in 9 months is 128?
f. What is the total payoff when the stock price in 9 months is 140?

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