Question $8$

The profit from a put bear spread strategy when both options are out of the money is

P$1.+$ X$2-$ ST $-$ P$2$

$x1-ST-P1-x2+ST+P2$

$-x1+ST+P1-P2$

$-x1+ST+P1+x2-ST-P2$

P$1-$ P$2$