In December, you believe that NIX Company, which is currently trading at $50 per share, will increase to $65 per share or more over the next month or two. You sell 5 NIX January 45 puts for a premium of $3.00. At the same time you buy 5 NIX January 37 Puts at a premium of $.50. Determine your gain or loss if:

1. the stock price increase to $54 per share at expiration
2. the stock price decrease to $46 per share at expiration
3. the stock price decreases to $35 per share at expiration
4. the stock price decreases to $42.50 per share at expiration
5. the stock price decreases to $44 per share at expiration