for M Corporation, which is currently trading for $31 per share:

Call Options	Put Options
Strike	Bid Price	Ask Price	Strike	Bid Price	Ask Price
$20	$12.15	$12.33	$20	$0.76	$0.89
$25	$7.26	$7.39	$25	$1.05	$1.18
$30	$2.55	$2.66	$30	$1.84	$1.97
$35	$1.46	$1.59	$35	$5.67	$5.81
$40	$0.88	$0.97	$40	$10.79	$10.95

a) Find the cost of a butterfly spread using the call options with strikes of 25, 30 and 35. Draw the profit diagram and show the profit for the ending stock price in the appropriate ranges

b) Now do the same thing for a butterfly spread using the 20, 30 and 40 strike price call options.

c) Find the cost of a straddle using options with a strike price of 30. Draw the profit diagram and show the profit for the ending stock price in the appropriate ranges.

d) Find the cost of a strangle using the options with strikes of 25 and 35. Draw the profit diagram and show the profit for the ending stock price in the appropriate ranges.

e) Find the cost of a strangle using the options with strikes of 20 and 40. Draw the profit diagram and show the profit for the ending stock price in the appropriate ranges.