Dr. Mohamed Boukhris invested in a reverse butterfly spread using only puts. He received 0.3 as initial investment for each contract. He made a loss of 1.3 when the stock price in the market is 20.9 and he can reach a maximum gain of 0.3 out of this strategy. The highest put premium in this strategy is 3.05 and the medium strike price is 20.5. Finally, the lowest put premium was 2500 basis points below the medium put premium

a/ What was the highest strike price? (2 marks)

b/ What was the lowest strike price? (2 marks)

c/ What was the lowest put premium is? (2 marks)

d/ What was the medium put premium is? (2 marks)

e/ What is/are the breakeven price(s)? (2 marks)