A: An investor buys for $1 a five-month call with a strike price of $30 and sells for $3 a fivemonth call with a strike price of $26. What are the profits from this bear spread strategy? Draw the graph on the profits.

B: An investor buys for $3 a four-month put with a strike price of $27 and sells for $2 a fourmonth put with a strike price of $22. What are the profits from this bear spread strategy? Draw the graph on the profits.