Exhibit 14.4 USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM Consider the following information on put and call options for Citigroup

Strike Price	Put Price	Call Price
$32.50	$2.85	$1.65

Refer to Exhibit 16.4. Calculate the payoffs of a short straddle at a stock price at expiration of $20 and a stock price at expiration of $45.

a. $21.65, $34.15

b. $6.35, $18.85

c. $8, $8

d. $29.65, $42.15

e. -$8, -$8