Assume that an investor has following positions:

$1.$ Short position in put option with strike price K$1$ where the price of the option is p$1$

$2.$ Long position in put option with strike price K$2$ where the price of the option is p$2$

$3.$ Long position in call option with strike price K$3$ where the price of the option if c$1$

Strike price satisfy following inequality

K$1<$ K$2<$ K$3(2)$

$1.$ Draw the payoff of the investor from each investment

$2.$ Derive the expression for the payoff of the investor when: $(1)$ ST $<$ K$1,(2)$ K$1<$

ST $<$ K$2,$ and $(3)$ ST $>$ K$2,$ where ST is the stock price at the time of maturity.