please use formulas dont use excel

25 ponds QUESTION 22 PP Consider a put option with strike price of $25 and current price of $2.16 with maturity of six-months. Also consider another six-month put option on the same underlying share with a strike price of $29 and current price of $4.75. How can a trader use these options to create a bear spread? What will be the intial investment? What will be the total payof the stock proe ns months is (a) $23, (b) $28, and (c) $33. Explain your reasoning and your calculations in detal For the toolbar, press ALT+F10 PC) or ALT+FN+F10 Mac. BI V S Paragraph Arial 14px Save and Sami Save Al Answers Close Window Click Save and Submit to save and submit. Click Save All Answers to save all answers