Please help with 1 and 2. I'm a bit confused with the concept. I will give thunbs up. Thank you! This was the ONLY information given.

Use the following information to complete question 1-4. The 6 month effective risk free rate is 3%. Southwest Airlines stock (LUV) does not pay a dividend. All options mentioned are of European style. You are given the following option premiums on Southwest Airlines stock (LUV). January 1, 2020 One Year" Call Option Premiums Strike Premium 40 13.50 45 10.10 50 7.34 July 1, 2020 Six Month? Call Option Premiums Strike Premium 40 3.95 45 2.00 50 0.91 The spot price of Southwest Airlines on January 1, 2020 is $50.00 The spot price of Southwest Airlines on July 1, 2020 is $40.00 The spot price of Southwest Airlines on December 31, 2020 is $45.00. Better Butter, who is a professional caterer, supplements her income by actively trading options. In late 2019, Southwest Airlines announces that vacationing passenger traffic in Hawaii and California has been impacted by a new coronavirus. As a result of this announcement, Betty Butter is Bearish on Southwest Airlines. On January 1, 2020 Betty Butter enters into a One Year Bear Call Spread on Southwest Airlines where the HIGH strike price is AT THE MONEY and the width of the spread is 5.00. Q1. What is the maximum profit Betty Butter can make on her trade at expiration ? In the Spring of 2020, the coronavirus spreads, bringing significant disruption to the lives and livelihoods of citizens all over the world. In early summer, the use of facial coverings and social distancing has greatly helped to "flatten he curve". As a result, economic activity begins to increase again. Freddy Fly, an entomologist, sees this as an opportunity to take advantage of stocks greatly impacted by the temporary shutdown. With this in mind, on July 1, 2020 Freddy Fly enters into a 6 month Bull Call spread where the LOW strike price is AT THE MONEY and the width of the spread is 5.00. Q2 What is the maximum profit Freddy Fly can make on his trade at expiration