25. Look at the following information. (Consider both put and call spreads) SOLVE IN EXCEL

Security	Qty	Bid	Ask
Pfizer Inc.		$51.38	$51.40
PFE 14 JAN 2022 51 CALL	10	$2.39	$2.54
PFE 14 JAN 2022 55 CALL	10	$1.24	$1.31
PFE 14 JAN 2022 51 PUT	10	$1.94	$2.15
PFE 14 JAN 2022 47 PUT	10	$0.63	$0.77

1. If you decide to enter into a bull spread, how would it be structured, and what would the potential profit or loss be?
2. What is the spreads profit-to-loss ratio?
3. What is the breakeven point?
4. How much margin (buying power) does this position require?