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Three put options written on the same stock and with the same maturity have strike prices of $55, $60, and $65. Their market prices are

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Three put options written on the same stock and with the same maturity have strike prices of $55, $60, and $65. Their market prices are $3, $5, and $8, respectively. What is the profit/loss of a butterfly spread constructed using these three options if the stock price at maturity is $59.5? a. 5.50 b. 4.50 c. 3.50 d.-1 e. 4.50

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