Problem 3 / D Dr. Mohamed Boukhris invested in a reverse butterfly spread using only puts. He received 0.3$ as initial investment for each contract. He made a loss of 1.3$ when the stock price in the market is 20.9 and he can reach a maximum gain of 0.3$ out of this strategy. The highest put premium in this strategy is 3.05$ and the medium strike price is 20.5$. Finally, the lowest put premium was 2500 basis points below the medium put premium

a/ What was the highest strike price? b/What was the lowest put premium? c/What was the medium put premium? d/What was the lowest strike price? e/ What is/are the breakeven price(s)