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Buying a Straddle: Betty buys a straddle on Lehigh that has a strike price of $40.70. The premium of the call is $1.40 and the

Buying a Straddle: Betty buys a straddle on Lehigh that has a strike price of $40.70. The premium of the call is $1.40 and the premium of the put is $1.70. Calcuate the net profit or loss on buying the straddle if at the time of expiration the price per share of Lehigh is $82.80.

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