The International Monetary Fund recently announced the "Great Lockdown" recession will drag global GDP lower by 3% in 2020, but its managing director now thinks the gloomy outlook could be too positive. The coronavirus pandemic is set to leave 170 countries with lower GDP per capita by the end of the year, but the projection "may be actually a more optimistic picture than reality produces," Miss Kristalina Georgieva told the BBC in an interview. "Epidemiologists are now helping us make macroeconomic projections. Never in the history of the IMF have we had that," she added. "And what they're telling us is that the novel coronavirus is a big unknown, and we don't know whether it may return in 2021."Assume you want to try make some profits using trading strategy over the next three months to cushion the potential blow of no year-end bonus will be paid by your employer. Call options on a stock CYL are available with strike prices of $11, $15, $17.5, $18.5 and $20 and expiration dates in three months. Their prices are $6.5, $4, $2.5, $1.5 and $0.5 respectively. Put options on the same stock are available with strike prices of $25, $23.5, $22.5, $21 and $19 and expiration dates in three months. Their prices are $6, $4, $2.5, $1.5 and $0.5 respectively. CYL is currently trading at $20.60 and assuming the company is in the education industry with a turnover of $500 million per annum and 160 full time employees and the company is in the market for thirty years focusing on higher learning education and adult/executive learning programs. Company CYL has three main offices in the U.S. and is thinking to explore international business especially China in the future to grow its business portfolio and diversify its business risks.

a) Construct a table showing how profit varies with CYL stock price for your proposed ONE (1) best option strategy to maximize your potential return but yet minimize any potential risks. You may consider various option trading strategies like long straddle, short strangle, protective collar, long butterfly, inverse butterfly etc. Draw your payoff diagram with appropriate labelling from