*I need step by step explanation on how the answer in bold were gotten.* The following prices are available for call and put options on a stock priced at $50. The risk-free rate is 6 percent and the volatility is 0.35. The March options have 90 days remaining and the June options have 180ys remaining. The Black-Scholes model was used to obtain the prices. Calla Puts Sirike March June March June 45 6.84 8.41 1.18 2.09 50 3.82 5.58 3.08 4.13 55 1.89 3.54 6.08 6.93 Use this information to answer questions 1 through 3. Assume that each transaction consists of one contract (for 100 shares) unless otherwise indicated. For questions 1 through 3, consider a bull money spread using the March 45/50 calls. 1 low much will the spread cost? a. $986 b. $302 c. $283 d. $193 e. none of the above 2. What is the maximum profit on the spread? a. $500 b. $802 c. $198 d. $302 e. none of the above 3. What is the maximum loss on the spread? a. $500 b. $698 c. $198 d. $802 e. none of the above