a. (3 points) For call options on a stock that pays no dividends, early exercise is never optimal. However, this is not true in general for put options. Why not? b. (3 points) To create a bull spread with call options will require positive initial investment. True or false, why? c. (3 points) To create a bull spread with put options will require positive initial investment. True or false, why? d. (3 points) To create a bear spread with call options will require positive initial investment. True or false, why? e. (3 points) To create a bear spread with put options will require positive initial investment. True or false, why