We consider the following options strategy on a stock and its total payoff at the expiry date of option #3. Option Type Call Call Call Position Lon x 2 Short x 3 Lon x 1 Remaining life Strike 0.25 100 120 140 For the options with a remaining life, we use BSM model to determine their values. We assume a volatility of 23% and a risk-free rate of 4% (a) Compute the total payoff for S = 80, 120 and 160. (b) Use Excel to draw the payoff pattern for prices between $40 and $240 with a step of $10