Draw the payoff diagram for the following position: (i) long one 60-strike put, (ii) short one 55-strike put, (iii) short one 45-strike put, and (iv) long one 40-strike put. Assume all options have the same underlying and the same time to expiration. Be sure to label the axes of your graph. Briefly explain how these options combine to form the payoff diagram that you drew.