Let be a portfolio whose derivatives have all the same maturity time. Its expiry payoff diagram is the graph of the payoff of the portfolio at maturity time. Sketch expiry payoff diagrams for each of the following portfolios (here "call" means European call option and "put" European put option): (a) Short one share, long two calls with exercise price K (this combination is called a straddle); (b) Long one call and one put, both with exercise price K (this is also a straddle: why?) (c) Long one call and two puts, all with exercise price K (a strip); (d) Long one put and two calls, all with exercise price K (a strap); (e) Long one call with exercise price K1 and one put with exercise price K2. Compare the three cases K1>K2 (known as a strangle), K1=K2 and K1