Suppose you are considering two strategies using options 1) a straddle and 2) a strangle. The straddle has a strike of $10 for both the call and put. The strangle has a lower strike of $8 for the put and a higher strike of $12 for the call. a) Draw the payoff graph for the straddle strategy. Calculate the payoff of the straddle when the stock price falls to zero. (Enter numeric value only, no dollar sign or comma. Keep 2 decimal places) b) Draw the payoff graph for the strangle strategy. Calculate the payoff of the strangle when the stock price is $11. (Enter numeric value only, no dollar sign or comma. Keep 2 decimal places) c) For the strangle if the put has a higher strike of $12 while the call has a lower strike of $8, the cost of the new strategy should be (Enter "higher" or "lower") than the original strangle strategy. MacBook Air