Graph the payoffs against ST for an investor who (a) buys one call and two puts. (b) buys two calls and one put. Assume the calls and puts are European with strike price K, maturity T, and underlying...

Graph the payoffs against ST for an investor who (a) buys one call and two puts. (b) buys two calls and one put. Assume the calls and puts are European with strike price K, maturity T, and underlying S. (The portfolios in (a) and (b) are called, respectively, a strip and a strap.) What can you infer about the strategy underlying each portfolio?