A trader creates a bear spread by selling a 9-month European Put option with a (X=$35) exercise price for $3.50, and buying a 9-month put option with a (X=$45) exercise price for $8.00 What is the initial payoff ( at t0) ? $4.50 +$4.50 $11.50 +$11.50 Continuing from above Bear spread question: What is the Profit if Stock price ( S=28 ) when the options expires? $4.50 $2.50 +1.50 +5.50