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find the sum of the three payoff? Several years ago, John bought three separate 2-year options on the Option I was a short American-style put

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Several years ago, John bought three separate 2-year options on the Option I was a short American-style put with strike price 30. Option II was a long Bermuda-style put with strike price 27, where exercise was al- lowed at any time following an initial 1-year period of call protection. Option III was a long European-style put with strike price 32. When the options were bought, the stock price was 26. When the options expired, the stock price was 31. The table below gives the maximum and minimum stock price during the 2-year period: Time Period Maximum Stock Price Minimum Stock Price 1st year of Option Term 2nd year of Option Term 29 34 23 26 Each option was exercised at the optimal time. Calculate the sum of the three payoffs

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