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[Essay, 4 pts] An investor creates a butterfly spread by trading 9-month call options with strike prices of $115, $125, and $135. The prices of

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[Essay, 4 pts] An investor creates a butterfly spread by trading 9-month call options with strike prices of $115, $125, and $135. The prices of the options are $20.50, $14.50, and $9.50, respectively. What is the total payoff when the stock price in 9 months is $120? (Note: Total payoff does not include initial investment) TT TT Paragraph 3 (12pt) E. ET %DO QE T' T. fx Mashups T Arial HTML CSS

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