You write a call option with X=60 and buy a call with X= 70. The options are on the same stock and have the same maturity date. One of the calls sells for $3; the other sells for $9.

a) Write out the payoff and profit function for this strategy at the option maturity date

b) Draw the payoff graph for this strategy at the option maturity date.

c) What is the break even point for this strategy? Is the investor bullish or bearish on the stock?