27. Look at the following information. (10 pts) SOLVE IN EXCEL

Security	Qty	Bid	Ask
Invesco QQQ Trust ETF		$399.81	$399.63
QQQ 14 JAN 2022 410 CALL	20	$0.07	$0.10
QQQ 14 JAN 2022 415 CALL	20	$0.01	$0.04
QQQ 14 JAN 2022 390 PUT	20	$0.35	$0.36
QQQ 14 JAN 2022 385 PUT	20	$0.17	$0.19

a. If you decide to enter into iron condor spread, how would it be structured, and what would the potential profit or loss be?

b. What is the spreads profit-to-loss ratio?

c. How much margin (buying power) does this position require?

d. What are the breakeven points?

e. If the QQQ monthly historic volatility is 2.65%, what is the expected return of this spread?