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Payoff 20 15 10 5 5 10 15 20 25 30 35 40 45 50 -10 -15 -20 -25 -30 -35 -40 Value of

Payoff 20 15 10 5 5 10 15 20 25 30 35 40 45 50 -10 -15 -20 -25 -30 -35 -40 Value of underlying asset at contract maturity

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