Financial math Let S(t) be the price of a security at time t. All of the following options have exercise time t and exercise price K. Give the payoff at time t that is earned by an investor and sketch its graph as a function of the price of the security at time t: 1) (a) Owns one call and one put options (b) Owns one call having exercise price K1 and has sold one put having exercise price K2 (c) Owns two call options and has sold short one share of the security (d) Owns one share of the security and has sold one call