Assume the Black-Scholes framework. For a 9-month 45-55 put bear spread on a stock, you are given:

(i) The current stock price is 50.

(ii) The only dividends during this time period are 2.50 to be paid in two months and five months.

(iii)

(iv) The continuously compounded risk-free interest rate is 8%. 

Calculate the current price of the bear spread.

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Var[In F0.75 (S)] = 0.16t for 0 < t≤ 0.75.