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Consider a portfolio of PCG stock options that consists of the following components, all with one year until expiration: Long 4 put options with

Consider a portfolio of PCG stock options that consists of the following components, all with one year until expiration: • Lo 

Consider a portfolio of PCG stock options that consists of the following components, all with one year until expiration: Long 4 put options with a strike price of of $20 Short 4 put options with a strike price of of $15 Short 4 put options with a strike price of of $10 Long 4 put options with a strike price of of $5 For what range of the stock price S is the payoff at expiration maximum? 00S5 O 10 S 15 15 S 20 05S 20 05S 10 O

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