Contant Inputs (For Modeling purposes, Stock Price is Constant for all Strategies, but Strike Price Varies)
	Stock		20
	Volatility		20%
	Riskless rate		4%
								Future Stock Price
	Stock		Price	Long				$15	$16	$17	$18	$19	$20	$21	$22	$23	$24	$25
			20	1				-5	-4	-3	-2	-1	0	1	2	3	4	5
			Strike	Call	Long	Time		Option Payoff (Gross of Premium)
	First option		20.82	1	1	1		0	0	0	0	0	0	0.18	1.18	2.18	3.18	4.18
			Strike	Put	Short	Time		Option Payoff (Gross of Premium)
	Second option		20.82	0	0	1		-5.82	-4.82	-3.82	-2.82	-1.82	-0.82	0	0	0	0	0
	Option Premiums (calculated below)							Net Option Payoffs
		First	($1.59)					($1.59)	($1.59)	($1.59)	($1.59)	($1.59)	($1.59)	($1.41)	($0.41)	$0.59	$1.59	$2.59
		Second	$1.59					($4.22)	($3.22)	($2.22)	($1.22)	($0.22)	$0.78	$1.59	$1.59	$1.59	$1.59	$1.59
	Trading Strategies
		Long Call						($1.59)	($1.59)	($1.59)	($1.59)	($1.59)	($1.59)	($1.41)	($0.41)	$0.59	$1.59	$2.59
		Long Put						($4.22)	($3.22)	($2.22)	($1.22)	($0.22)	$0.78	$1.59	$1.59	$1.59	$1.59	$1.59
	Strategy Payoff							($5.82)	($4.82)	($3.82)	($2.82)	($1.82)	($0.82)	$0.18	$1.18	$2.18	$3.18	$4.18
	Second
		d1	0.10
		d2	(0.10)
		call (c)	$1.59
		put (p)	$1.59
	Third
		d1	0.10
		d2	(0.10)
		call (c)	$1.59
		put (p)	$1.59

	Contant Inputs (For Modeling purposes, Stock Price is Constant for all Strategies, but Strike Price Varies)
	Stock		20
	Volatility		20%
	Riskless rate		4%
								Future Stock Price
	Long Stock		Price	Long				$15	$16	$17	$18	$19	$20	$21	$22	$23	$24	$25	$26	$27	$28	$29	$30
			20.00	1				-5	-4	-3	-2	-1	0	1	2	3	4	5	6	7	8	9	10
			Strike	Put	Long	Time		Option Payoff (Gross of Premium)
	Long Put		20.00	0	1	1		$5.00	$4.00	$3.00	$2.00	$1.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
			Strike
	Borrow Cash		19.22	0	0	1		$20.00	$20.00	$20.00	$20.00	$20.00	$20.00	$20.00	$20.00	$20.00	$20.00	$20.00	$20.00	$20.00	$20.00	$20.00	$20.00
	Cost
		Stock	$20.00
		Put	$1.20
		Cash	($19.22)
		Net	$1.99
	Payoffs							Payoffs
		Stock						($5.00)	($4.00)	($3.00)	($2.00)	($1.00)	$0.00	$1.00	$2.00	$3.00	$4.00	$5.00	$6.00	$7.00	$8.00	$9.00	$10.00
		Put						$5.00	$4.00	$3.00	$2.00	$1.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
	Strategy Payoff							($1.99)	($1.99)	($1.99)	($1.99)	($1.99)	($1.99)	($0.99)	$0.01	$1.01	$2.01	$3.01	$4.01	$5.01	$6.01	$7.01	$8.01
	Second
		d1	0.30
		d2	0.10
		call (c)	$1.99
		put (p)	$1.20

	Contant Inputs (For Modeling purposes, Stock Price is Constant for all Strategies, but Strike Price Varies)
	Stock		20
	Volatility		20%
	Riskless rate		4%
								Future Stock Price
	Short Stock		Price	Short				$15	$16	$17	$18	$19	$20	$21	$22	$23	$24	$25	$26	$27	$28	$29	$30
			20.00	0				5	4	3	2	1	0	-1	-2	-3	-4	-5	-6	-7	-8	-9	-10
			Strike	Call	Long	Time		Option Payoff (Gross of Premium)
	Long Call		20.00	1	1	1		$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.00	$2.00	$3.00	$4.00	$5.00	$6.00	$7.00	$8.00	$9.00	$10.00
			Strike
	Invest Cash		19.22	0	0	1		$20.00	$20.00	$20.00	$20.00	$20.00	$20.00	$20.00	$20.00	$20.00	$20.00	$20.00	$20.00	$20.00	$20.00	$20.00	$20.00
	Cost
		Stock	($20.00)
		Put	$1.20
		Cash	$19.22
		Net	$0.42
	Payoffs							Payoffs
		Stock						$5.00	$4.00	$3.00	$2.00	$1.00	$0.00	($1.00)	($2.00)	($3.00)	($4.00)	($5.00)	($6.00)	($7.00)	($8.00)	($9.00)	($10.00)
		Put						$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.00	$2.00	$3.00	$4.00	$5.00	$6.00	$7.00	$8.00	$9.00	$10.00
	Strategy Payoff							$4.58	$3.58	$2.58	$1.58	$0.58	($0.42)	($0.42)	($0.42)	($0.42)	($0.42)	($0.42)	($0.42)	($0.42)	($0.42)	($0.42)	($0.42)
	Second
		d1	0.30
		d2	0.10
		call (c)	$1.99
		put (p)	$1.20