Consider the following information on put and call options for Citigroup.

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

Calculate the net value of a protective put position at a stock price at expiration of $20. (5 points)

Calculate the net value of a covered call position at a stock price at expiration of $45. (5 points)

Calculate the payoffs of a short straddle at a stock price at expiration of $20 and a stock price at expiration of $45 (5 points)