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Betty buys a straddle on Lehigh that has a strike price of $ 40.60 . The premium of the call is $ 1.00 and the

Betty buys a straddle on Lehigh that has a strike price of $40.60. The premium of the call is $1.00 and the premium of the put is $1.60. Calculate the profit or loss on buying the straddle if at the time of expiration the price per share of Lehigh is $40.40.

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