1. Draw a profit diagram (label everything: watch my video lectures to see what my expectations are) for a butterfly spread. Show any breakeven points and label the maximum gain and the maximum loss (I need the exact numbers). The current stock price is $100. What would the profit be if the ending stock price was $80? What would the profit be if the ending stock price was $160?

Exercise Prices	X = 100	X = 105	X = 110
Call Premium	14.43	11.88	10.51
Put Premium	9.35	11.86	13.36