If you go short a covered call and buy a protective put portfolio on a given stock (with the options having the same strike and maturity), what you have is

Select one: a. A long position in a straddle. b. Insensitive to the stock price at maturity of the options. c. All of the above. d. Positive cashflow at inception.

The 90, 100, and 110strike calls are trading at $12, $5, $3, respectively. The stock price is at $100. What is the maximum profit on a long butterfly spread using these options?

Select one:

a. $5b. -$5c. $0d. $10