Consider the following spread strategy: Short UAL Feb $35 call, price = $15/16, long UAL May $35 call, price = $2 1/4. a. What type of spread strategy is this? b. In February at expiration of the short call, UAL is currently trading at $40 and the May $35 call is trading at $6 3/4. We close our spread position in two ways: settle on the Feb $35 call and take an offsetting position on the May $35 call. (This is called "lifting the leg"). c. Evaluate the payoff on the spread assuming 100 share contracts if the conditions in (b) hold. d. Draw a general payoff profile of this type of spread. Consider the following combination strategy: Long in a December $115 call, premium = $8 and long in a December $115 put, premium = $4 1/4. a. What type of strategy is this and what type of price expectations does it suggest? b. Evaluate the payoff at maturity for 100 share contracts if the prices are $100 and $125 per share