Define and explain and graphically illustrate the pay-off structure of European call and put options both for the holder and the writer. (25 marks) b. Use option theory to interpret corporate equity and debt. Also provide graphically illustration to support your interpretation. (25 marks) c. You are the owner of the S&P500 portfolio with a current value 100 million. You wish to insure its performance for the next six months so that its value cannot lose more than 5% while its upside potential is maintained. Propose a strategy using options. Explain your strategy verbally and illustrate it graphically. (25 marks) d. You have invested in the S&P500 portfolio with a total value 100 million. The rapid outbreak of the Covid-19 pandemic is expected to destabilize the current portfolio value and you wish to exploit immediately and for a period of six months both the upside and downside potential to make profits. Propose a strategy using options. Explain your strategy verbally and illustrate it graphically. (25 marks)