Consider the following information on put and call options for company ABC (Show calculations and brief discuss )

Strike Price	Put Price	Call Price
$32.50	$2.85	$1.65

1. Calculate the net value of a protective put position at a stock price at expiration of $20, and a stock price at expiration of $45.
2. Calculate the net value of a covered call position at a stock price at expiration of $20, and a stock price at expiration of $45.
3. Calculate the payoffs of a short straddle at a stock price at expiration of $20 and a stock price at expiration of $45.
4. Calculate the payoffs of a long strap at a stock price at expiration of $20 and a stock price at expiration of $45.