Please Answer without SPREADSHEET and give explanations in solving the problem

4. The forecast estimates of the Senior Investment Analyst of Quantum Analytics, an investment company, show that the equity market will experience sharp changes in the prices of the listed firms. Against this background, Quantum Analytics is considering protecting their equity portfolio. Suppose that put options on a stock with strike prices GHS30 and GHS35 cost GHS4 and GHS7, respectively. As the Senior Risk Analyst, use the options to create (a) a bull spread and (b) a bear spread. Construct a table that shows the profit and payoff for both spreads (Hint: for the stocks values, use terminal values of GHS26 and GHS44 in the increment of GHS2) [25 marks] 5