a. If the ETF price rises to $480 before expiration, if Jerome exercises the spread then he could profit $80,100 b. If the ETF price rises only to $395 during the contract period, then Jerome will lose $69,900 C. If the ETF price rises to $410 before expiration, if Jerome exercises the spread then he could profit $30,100 d. If the ETF price rises to $480 before expiration, if Jerome exercises the spread then he could profit $150.000