Put options on ABC stock are available with a strike price of $50, $55, and $60 costs $1, $2 and $4 respectively. Explain how the options can be used to create a butterfly spread. (Hint: how many puts should you go long and short and at which strike prices?) Calculate the net profit of this position assuming that a) S_T = $50, b) S_T = $55, c) S_T = $60. Then draw the profit diagram of this butterfly spread position and label the diagram appropriately.