1. Assume you buy a strangle with exercise prices on the constituent options of 75 and $80. You also sell a strangle with exercise prices $70 and $85.
   1. Describe the payoffs on the combined long and short strangle.
   2. Explain whether the combined position of the long and short strangle has a payoff pattern that is like that of any other strategies explored in this course.

      Use at least four decimal places for those questions that require a numerical answer.