From a 2-for-1 ratio put BACKSPREAD constructed from options C and D for stock price: $25, $35 and $55. Show the Profit and Loss on the option position and overall strategy.

*Please include formula to calculate profit and loss. Thank you :)

The following table provides information on four European put options written on ALCO stock. Exercise Price Expiration Date Option Price Option $40 $45 15 Sep 2018 15 Sep 2018 C. $5.20 Ignore any transaction costs other than the initial cost of buying or selling the options