Consider a 2x0.25-year call option with a strike price of $111 on a non-dividend-paying stock when the spot price is $111 and the risk free rate of interest is 13%. Over each of the next two 0.25-year periods, the spot price of the asset is expected to go up by 10% or down by 10%. A non-dividend paying stock X is trading at $103. Call options for 3 years maturity on the non-dividend paying stock X at a strike price of $102 and $121 cost $25 and $13, respectively. An investor decides to enter in a bear spread position for this stock for 3 years. Calculate undiscounted profit or loss of the investor at the end of the maturity if the terminal spot price of stock X turns out to be $115. A non-dividend paying stock X is trading at $103. Put options for 3 years maturity on the non-dividend paying stock X at a strike price of $102 and $121 cost $15 and $23, respectively. An investor decides to enter in a bull spread position for this stock for 3 years. Calculate undiscounted profit or loss of the investor at the end of the maturity if the terminal spot price of stock X turns out to be $115. A non-dividend paying stock X is trading at $103. Call options for 3 years maturity on the non-dividend paying stock X at a strike price of $102, $113, and $121 cost $35, $21 and $13, respectively. An investor decides to enter in a long butterfly position for this stock for 3 years. Calculate undiscounted profit or loss of the investor at the end of the maturity if the terminal spot price of stock X turns out to be $115