1. Suppose that put option, Put₁, has strike $30, and Put₂ has strike $35. Put₁ costs $3.68 and Put₂ costs $7.10. If you create a bull spread with a long position in Put₁ and a short position in Put₂, what is the profit/loss of the position if on the maturity date the share price is $45 (Assume your bull spread position involves long/short options that cover two underlying shares, not two option contracts). Calculate your answer exactly to two decimal places.