5) Suppose that the price of a non-dividend-paying stock is $32, its volatility is 30%, and the risk-free rate for all maturities is 5% per annum. Calculate the cost of setting up the following positions:

a) A bull spread using European call options with strike prices of $25 and $30 and a maturity of six months.

b) A bear spread using European put options with strike prices of $25 and $30 and a maturity of six months

c) A straddle using options with a strike price of $30 and a six-month maturity.

d) A strangle using options with strike prices of $25 and $35 and a six-month maturity. In each case provide a table showing the relationship between profit and final stock price. Ignore the impact of discounting.