a. Explain how the investor can use the above option(s) to construct a protective put strategy. b. If the stock price stays at $80 on the option maturity date, what would happen? In this case, what is the total portfolio value (or payoff) of the investor? What is the total profit/loss of the protective strategy? c. If the stock price goes down to $75 on the option maturity date, what would happen?In this case, what is the total portfolio value (or payoff) of the investor? What is the total profit/loss of the protective strategy?