You write (sell) a call option with X=$60 and buy a call with X=$80. The options are on the same stock and have the same expiration date. One of the calls sells for $5, the other sells for $20.

A) Which of the two calls must be the one selling for $20?

B) Draw the payoff graph for this strategy at option expiration as a function of the stock price at that time.

C) On the same graph, show the profit for this strategy as a function of the stock price?

D) What is the break-even point for this strategy?