=+15. Let 0 < K1 < K2 . At its maturity T, a bear spread pays $A

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=+15. Let 0 < K1

< K2

. At its maturity T, a bear spread pays $A = K2

– K1 if the spot price ST of the underlying is less than K1

, it pays K2

– ST if ST is between K1 and K2

, otherwise it expires worthless. How do you

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