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Buying a Straddle: Betty buys a straddle on Lehigh that has a strike price of $ 40.75 . The premium of the call is $

Buying a Straddle: Betty buys a straddle on Lehigh that has a strike price of $40.75. The premium of the call is $1.20 and the premium of the put is $1.60. Calcuate the net profit or loss on buying the straddle if at the time of expiration the price per share of Lehigh is $83.20.

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