Let s(t) be the time t-price of a stock. A derivative has the following payoff structure: Stock Price S(1) <60 60 S(1) 70 S(1)

Let s(t) be the time t-price of a stock. A derivative has the following payoff structure: Stock Price S(1) 70 Payoff 60-S(1) 0 S(1)-70 1) Give the name of this derivative and how this derivative is created. 2) Find the maximum and minimum payoff