Suppose we have the following options data

Put option symbol Expiration Date Strike Last Price Bid Ask

CMG180216P00287500 2018-02-14 3:54PM EST 287.50 3.28 3.00 3.50

CMG180216P00290000 2018-02-14 3:58PM EST 290.00 4.50 4.30 4.80

CMG180216P00292500 2018-02-14 3:52PM EST 292.50 5.88 5.40 6.30You are neutral on the market and considering setting up butterfly options strategy. You have the options data above. You will use put options to build a butterfly spread.

a. What is the cost to set up a butterfly strategy?

b. What is the highest profit of this strategy?

c. What is the maximum loss of this strategy?

d. What is the profit if the stock closes at $289 on expiration?

e. What is the profit if the stock closes at $291 on expiration?