*I need step by step explanation on how the answer in bold were gotten.* The following prices are available for call and put options on a stock priced at $50. The risk -free rate is 6 percent and the volatility is 0.35. The March options have 90 days remaining and the June options have 180 days remaining. The Black-Scholes model was used to obtain the prices. Calls Putt Strike March June March June 45 6.84 8.41 1.18 2.09 50 3.82 5.58 3.08 4.13 55 1.89 3.54 6.08 6.93 Use this information to answer questions 12 through 15. Assume that each transaction consists of one contract (for 100 shares) unless otherwise indicated. Answer questions 12 through 15 about a long straddle constructed using the June 50 options. 12. What will the straddle cost? a. $145 b. $690 c. $971 d. $413 e. none of the above 13. What are the two breakeven stock prices at expiration? a. $55.58 and $45.87 b. $54.13 and $45.87 c. $55.58 and $44.42 d. $59.71 and $40.29 e. none of the above 14. What is the profit if the stock price at expiration is at $64.75? a. -$971 b. $1,475 c. -$3,525 d. $500 e. none of the above 15. What is the profit if the position is held for 90 days and the stock price is S55? a. -$971 b. -$58 c. -$109 d. -$471 e. none of the above