(Bull spread) Using the data from the previous problem, compute and graph the profit from a strategy in which you buy a TM call with exercise price X = $45 and write a call with exercise price X = $50. Explain why this strategy might be attractive.

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A B 1 Call Prices 23 X Price 45 4.10 4 50 1.65 5 67 TM stock price S at option expiration 20 8 25 9 30 10 35 11 40 12 45 13 50 14 55 15 60 16 65 0 D call (bought) Profit on X = $45 Profit on X = $50 call (written) Total profit