Portfolio of options on shares of a non-dividend paying stock. The portfolio consists of:

1. Long call with a strike price of 50
2. Short call with a strike price of 55
3. Long put with a strike price of 55
4. Short put with a strike price of 50

All options expire in 2 months.The current price of one share of stock is 48.00. The risk-free interest rate is 3%.

1. Determine the cost of the portfolio?

2. Determine the maximum and minimum profit obtained at the end of 2 months?

Please show work