Do not use Excel.

Problem 61.4 A put is trading on Sony Corporation stock. It has a strike price of $40. (a) What is the payoff at expiration of this put if, on the expiration date, Sony stock sells for $45 ? (b) What is the payoff at expiration of this call if, on the expiration date, Sony stock sells for $25 ? (c) Draw the payoff diagram for this option