A trader creates a bear spread by selling a six-month put option with a $25 strike price for $2.15 and buying a six month put option with $29 strike price for $4.75. The trader has $100,000 to invest. 1. How many positions can she open? 2. What is her total payo if the stock price in six months is $23? 3. What is her total payo if the stock price is $28? 4. What is her total payo if the stock price is $33? 5. Now suppose instead of the bear spread, she simply bought puts with the $29 strike price. Repeat the previous four questions for the new investment. In each case, which investment (bear spread or straight put) gives the higher payo?