Answer the following questions for 6 points total: 1. True or False: In a lookback straddle, the initial output for the strategy is $0. 2. Here is a hypothetical example. Assume that a call option on a stock has a premium/price of $0.50 and a put option has a premium/price of $0.40. Assume that between the time you buy the option and the option's expiration, the stock price varies from $40 to $50. a. What is the payoff of this strategy? b. What is the profit of this strategy? 3. True or False: A lookback straddle will have a higher payoff when returns in the underlying asset are more volatile