Please provide detailed steps and a brief explanation, thanks!

26. (20 marks) On any given day, the share price of HSBC can be 75, 80, 85 or 90 with probabilities 0.6, 0.1, 0.2 and 0.1 respectively. (a) Calculate the expected price for HSBC on any given day. (b) Assume that HSBC's daily prices are independent. Now, we adopt the following trading strategy: on any day if HSBC price is higher than its expected price, then we shortsell it today and buy back the next day; (2) on any day if HSBC price is lower than its expected price, then we buy it today and sell it the next day. (Note: in nance, if you short-sell something, then you only make prot if price goes down in future, on the other hand, if you buy something, then you only make prot if price goes up in future). Calculate the probability that you make prot on this strategy. (c) Suppose we modify the strategy in part (b) to the following: on any day if HSBC price is higher than its expected price, then we buy it today and sell it the next day; (2) on any day if HSBC price is lower than its expected price, then we short-sell it today and buy back the next day. Calculate the probability that you make prot on this modied strategy