An investor sells a European call option with strike price of K and maturity T and buys a put with the same strike price and maturity.(a)What is the payoff of the position at the expiration date in terms of stock price S and strike price K. (b)draw a diagram showing the variation of the payoff with the stock price. (c) compare payoff of this position to the payoff of a forward contract with delivery price equal to strike price K and same maturity T.