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Three put options on a stock have the same expiration date and strike prices of $55, $60, and $ 65. The market prices are $3,

Three put options on a stock have the same expiration date and strike prices of $55, $60, and $ 65. The market prices are $3, $5, and $8, respectively. Explain how a butterfly spread can be created. Construct a table showing the profit from the strategy. For what range of stock prices would butterfly spread lead to a loss

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