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Call options on a stock are available with strike prices of $45, $50, and $55 and expiration dates in three months. Their prices are $8,

Call options on a stock are available with strike prices of $45, $50, and $55 and expiration dates in three months. Their prices are $8, S4, and S1 respectively. Explain how the options can be used to create a butterfly spread. Construct a table showing how profit varies with stock price for the butterfly spread. For what range of stock prices would the butterfly spread lead to a gain

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