1. An investor buys for $4 a four-month call with a strike price of $25 and sells for $2 a fourmonth call with a strike price of $28. What are the profits from this bull spread strategy? Draw the graph on the profits.

2. An investor buys for $1 a six-month put with a strike price of $30 and sells for $2 a sixmonth put with a strike price of $33. What are the profits from this bull spread strategy? Draw the graph on the profits.