$\backslash$table$[[$Microsoft $($MSFT$),\backslash$table$[[$Underlying stock$],[$Price: $101\mathrm{.}51]]],[$Expiration$,$Strike,Call,Put$],[$January $18,2019,95,7\mathrm{.}65,0\mathrm{.}98],[$January $18,2019,100,3\mathrm{.}81,2\mathrm{.}20],[$January $18,2019,105,1\mathrm{.}45,4\mathrm{.}79],[,,,],[$February $8,2019,95,9\mathrm{.}50,2\mathrm{.}86],[$February $8,2019,100,5\mathrm{.}60,3\mathrm{.}92],[$February $8,2019,105,3\mathrm{.}08,6\mathrm{.}35]]20.$ Consider the following options portfolio. You write a February $8$ expiration call option on Microsoft with exercise price $$100.$ You write a February $8$ put option with exercise price of $$95.$

a$.$ Graph the payoff of this portfolio at option expiration as a function of the stock price at that time.

b$.$ What will be the profit$/$loss on this position if Microsoft is selling at $$98$ on the option expiration date? What if it is selling at $$103?$ Use the data in Figure $20\mathrm{.}1$ to answer this question.

c$.$ At what two stock prices will you just break even on your investment?

d$.$ What kind of $$bet$$ is this investor making; that is$,$ what must this investor believe about the stock price to justify this position?