2. Consider an option strategy where the investor simultaneously buys one call with an exercise price of $100 and sells one call with an exercise price of $110 both with the same expiration date. Calculate the payoff of the strategy when spot price of the underlying is less than $100, between $100 and $110, and greater than $110 at expiration. Draw a payoff diagram for this strategy. What is the bet being made with this strategy?

2. Consider an option strategy where the investor simultaneously buys one call with an exercise price of $100 and sells one call with an exercise price of $110 both with the same expiration date. Calculate the payoff of the strategy when spot price of the underlying is less than $100, between $100 and $110, and greater than $110 at expiration. Draw a payoff diagram for this strategy. What is the bet being made with this strategy