premium for the July 265 is 29 and for the July 280 is 19.26

2. We construct a bear call spread on AAPL stock in April using 80 July 265 and July 280 call option contracts. a. What is the total net premium paid? $77,920 b. What is the maximum total loss and maximum total profit on this bear spread? $42,080 max total loss: $77,920 max total profit c. What is the total profit/loss if the AAPL stock price at expiration is 269.50? $6,080 d. Would the same bear spread implemented with puts be superior? Demonstrate. No. (The bear put spread has a max loss of $52,880 and a max profit of $67,120.) Note: The net premium paid is negative because we write the call with the $29.00 premium and purchase the call with the $19.26 premium. This has a positive value per share to us of 9.74(=29.0019.26). Similarly, the "total value to the investor of the premiums" is $77,920