An investor makes a strap strategy using the following asset when spot price of underlying is $45.

1. European put with strike $45 for $3.
2. European put with strike $55 for $4.0.
3. European call with strike $45 for $4.5.
4. European call with strike $45 for $3.5.

What is the payoff of the STRAP strategy if the spot price decreases to $30? Please complete the table below: Your answer shouldnt be more than ONE decimal places.

Option Position	ST	K	f (premium, price, value)	Net Pay off
	$30	$45	$	$
	$30	$45	$	$
	$30	$45	$	$
Strategy cost			$
Strategy Pay off				$

13 points

• Question 27 of 29