Consider the following portfolio: Write a call option contract on 100 shares of Intel stock with an exercise price of $65, and hold a put optioncontracton 100 shares of the same stock with the same time to expiration and the same exercise price. Both options are European options. Assume you do NOT own the stock and that you are an institution exempt from having to write only covered calls.Draw the payoff diagram for this portfolio on the expiration date.You can draw the diagram either on a per contract (100 shares) or a per share basis. {Hint: Compute the total payoff from the portfolio on the expiration date assuming different stock prices. You may want to consider the following stock price ranges: (i) stock price greater than $65, (ii) stock price at $65, and (iii) stock price lower than $65. This will help you draw the payoff diagram.}