You enter a long position on a Telstra (TLS) Dec-20 call option with $3.04 strike price. The attached newspaper clipping shows that the last sale of this call option was at $0.16. a) Draw a diagram of the gross payoff to this long call option at expiry. That is, put the possible share prices for TLS at the end of December on the horizontal axis, and the gross payoff to the call option on the vertical axis. Do not adjust for the premium/price paid for the call option in the gross payoff diagram. b) Now take the option premium into account and draw a net payoff diagram for this call option. c) TLS share price is currently $3.07. What is breakeven point for this long call option? That is, how high must TLS price rise for you to at least breakeven on this investment