*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 Puts 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 9 through 17. Assume that each transaction consists of one contract (for 100 shares) unless otherwise indicated. Answer questions 16 through 17 about a ling straddle constructed using the June 50 options 16. Suppose the investor adds a call to the long straddle, a transaction known as a strap. What will this do to the breakeven stock prices? a. lower both the upside and downside breakevens b. raise both the upside and downside breakevens c. raise the upside and lower the downside breakevens d. lower the upside and raise the downside breakevens e. none of the above 17. Suppose a put is added to a straddle. This overall transaction is called a strip. Determine the profit at expiration on a strip if the stock price at expiration is $36. a. -$129 b. $1,416 c. $429 d. $1,384 e. none of the above