Transcribed image text: The current stock price is $1000 with following details about European option contracts Strike Price Call Premium Put Premium 950 120.41 51.78 1000 93.81 74.20 1050 71.80 101.21 (a) (3 pt)Suppose you create(long position) a bull call option strategy using 950-call and 1050-call options. Calculate the option payoff, maximum loss and maximum profit of this strategy (b) (4.5 pt)Suppose you buy 5 call options with strike 950, sell 10 call options with strike 1000 and buy 5 call options with strike 1050. Calculate the cost of setting up this strategy. Then graph payoff and profit functions. What is the name of this strategy