An investor constructs the following strategies using puts and calls on AMZN at different strikes, but with the same maturity of 6 months. In which case does she have to pay a lower cost to construct the strategy? There are no arbitrage opportunities.

Straddle strategy, where K is $95.

Strangle strategy, where K_(-)1 is $95 and K_2 is $105.

Bear spread with puts, where K_1 is $90 and K_2 is $95.

Straddle strategy, where K is $100.