An investor goes long a share of stock and also a call option written on this stock with an exercise price of $100. She also shorts two calls, one with an exercise price of $55 and the other with an exercise price of $65. Ignore the prices of the stock and calls.

a) Construct a table showing the payoffs (not net profits) to this trader for all possible price ranges.

b) Draw a diagram showing the variation of the traders payoff (not net profits) with the stock price