Use the stock and option prices below to answer the following questions related to option positions. All options have one year to expiration and exercise prices of X = $40. (Note : there are no margin requirements for shorting the stock).

Stock Price	$34.75
Call Price (X = $40)	$3.75
Put Price (X = $40)	$8.50
Risk-free rate	4.00%

Required :

Suppose you take the following position based on the current prices : purchase one share of stock, purchase TWO Put options, and Write one Call option. Using the table below,calculate the payoffs AND profits from this investment strategy for stock prices ranging from $0 to $60.

Share Price	Buy Share	Buy 2 puts	Write 1 call	Total Pay Off	Profit
0
10
20
30
40
50
60