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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, $5,

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. A butterfly spread is synthesized by going long the put with strike $55, shorting two puts with strike $60 and going long the put with strike $65. If at maturity the price of the stock is such that , then the payoff of the butterfly is given by:

A) S - 56

B) 64 - S

C) 65 - S

D) S - 55

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