Draw the payoff and profit/loss diagrams for a Call and Put option with a strike of 50. Assume the premium on the put is $2.50 and the premium on the call is $4.00. If at maturity the spot is $48.00, which option gets exercised (if any), and which is true?

a. Put; Payoff $2.00 b. Call; Payoff $2.00 c. Put; Payoff -$.50 d. Call; Loss $2.00 e. None of the above