27. Bull Spread with Calls (CFA5) You create a bull spread using calls by buying a call and simultaneously selling a call on the same stock with the same expiration at a higher strike price.

A call option with a strike price of $20 sells for $4.55 and a call with a strike price of $25 sells for

$1.24. Draw a graph showing the payoff and profit for a bull spread using these options.