The 90-, 100-, and 110-Strike Calls Are Trading at $12 $- \$ 5$

question 4

Multiple Choice

The 90-, 100-, and 110-strike calls are trading at $12, $5, $3, respectively. The stock price is at $100. What is the maximum net payoff on a long butterfly spread using these options?

• A) \(- \$ 5\)
• B) \(\$ 0\)
• C) \(\$ 5\)
• D) \(\$ 10\)

---

Definitions:

Grade Fastener

A classification system for fasteners such as bolts and screws, indicating their material, strength, and intended use based on specific standards.

Bolt

A type of fastener typically used to hold materials or objects together, characterized by a threaded shaft and a head.

Press-fit Bearing

A type of bearing installed by pressure without the need for bolts or adhesives, creating a tight fit.

Bearing Puller

A tool designed to remove bearings from shafts or housings without causing damage to the surrounding components.