3. Bull Spread

An investor considers making a bull spread using 1-year European calls on the S & P 500 index. The investor sees two European calls; one with the strike price of 1,900 is priced at $130 and the other with the strike price of 2,000 is priced at $50. Find the profit of this bull spread at the option expiration. (Note that the profit may differ depending on the future stock price ST .)