A trader creates a bear spread by selling a six-month put option with a $180 strike price

for $1.55 and buying a six-month put option with a $195 strike price for $4.25.

What is the initial investment? $ .

What is the total payoff when the stock price in six months is (a) $175? $ .

What is the total payoff when the stock price in six months is (b) $185? $ .

What is the total payoff when the stock price in six months is and (c) $200? $