Three call options on a stock have the same expiration date and strike prices of 50, 60, 70. The market prices are $12, $5, and $3, respectively. (15pts) a. Explain how a butterfly spread can be created. (3 pts) b. Please draw the profit pattern. Please label the horizontal axis and vertical axis and 2. indicate stock price 50, 60, 70 on the diagram. (3 pts) What's the maximum gain and maximum loss for this butterfly spread? At what stock price, will you have the maximum gain? For what range of stock price will you have the maximum loss? (6 pts) For what range of stock prices would the butterfly spread lead to a profit? (3 pts) c. d