In November, you believe that QQQ Company, which is currently trading at $95 per share, will drop to $80 per share or less over the next month or two. You sell 3 QQQ December 95 Calls for a premium of $5.00. At the same time you buy 3 XXX December 99 Calls at a premium of $1.50 (sell December calls with a strike of $95 and $4.00 premium and buy December Calls with a strike of $99 and premium of $1.50). Determine your total gain or loss if

1. the stock price decreases to $88 per share at expiration
2. the stock price decreases to $77 per share at expiration
3. the stock price increases to $97 per share at expiration
4. the stock price increases to $103 per share at expiration