Assume IBM market quote 189.78 - 189.99 and last price is $189.78. Refer to matrix below to answer this question, to construct a June 190 and June 175 bear put spread. Show all calculations. June A,Bid-Ask 90, 15.15-15.70 81, 10.45-11.60 69,6.85-7.00 50,3.80-3.90 30,1.80 - 1.84 i. ii. iii. Calls Jan. A,Bid-Ask 71,7.50 -7.75 55, 4.00 -4.25 71,7.50 -7.75 55, 4.00 -4.25 32, 1.90 -2.10 Feb. A,Bid-Ask 74,7.90-8.25 175 58,4.35 -4.60 180 74,7.90-8.25 185 190 195 58,4.35 -4.60 IBM 33, 2.80 - 3.05 June A,Bid-Ask -10,0.56 -0.58 -18, 1.09 - 1.11 -31, 2.15-2.18 -50, 4.00- 4.10 -70, 6.95-7.10 Puts Jan. A,Bid-Ask -29, 0.70 -0.85 -45, 1.15-1.30 -29,2.30-2.65 -45, 2.50 -2.70 -68,7.20-7.45 Feb. A,Bid-Ask -26,0.75 -0.95 -42, 1.25 -1.50 -26, 2.70-2.95 -42,2.80-2.95 -67,7.60-7.80 Your calculations must clearly (show all steps), the initial setup, the initial cost/reward, initial delta, and maximum risk. Name the spread and state how to construct it. Is it in-the- money, at-the-money or out-of-the-money spread. Is this a good spread? Explain why or why not? Your calculations must clearly show (show all steps) breakeven point(s), the value of the deltas and profit/loss at Expiration for three possible stock price outcomes ($175, $190, $195). iv. In a figure, graph the above strategy (June 190/June 175 bear put spread) initially and at Expiration. Your graph must clearly show initial cost, initial delta, maximum risk, breakeven point(s), the value of the deltas and profit/loss at Expiration for three possible stock price outcomes ($175, $190, $195)