Consider the payoff at maturity of the following structured product where $S(T)$ is the price of

the underlying at maturity:

This derivative can be written as a combination of:

$(1)$ a long zero coupon bond with face value $$2,000,(2)$ long $20$ European puts with

strike price $$1,600$ and $(3)$ short $20$ European puts with strike price $$1,550$

$(1)$ a long zero coupon bond with face value $$2,500,(2)$ short $20$ European puts with

strike price $$1,600$ and $(3)$ long $20$ European puts with strike price $$1,550$

$(1)$ a long zero coupon bond with face value $$1,000,(2)$ long $20$ European calls with

strike price of $$1,550$ and $(3)$ short $20$ European calls with strike price $$1,600$

$(1)$ a long zero coupon bond with face value $$1,500,(2)$ long $20$ European calls with

strike price of $$1,550$ and $(3)$ short $20$ European calls with strike price $$1,600$

None of these answers are correct.