Consider the following option portfolio. You write an April call option on IBM with exercise price $$85.$ You write an April IBM put option with exercise price $$80.$ The price of the call option is $$0\mathrm{.}95$ and the price of the put is $$2\mathrm{.}5.$

$($a$)$ Explain carefully the difference between selling a call option and buying a put option.

$($b$)$ What will be the profit$/$loss on this position If IBM is selling at $$83$ on the option maturity date.