Suppose that put options on a stock with strike prices $30 and $35 cost $4 and $7, respectively. How can the options be used to create a bear spread? Construct a table that shows the profit and payoff for both spreads Exercise 7 Three put options on a stock have the same expiration date and strike prices of $55,$60, and $65. The market prices are $3,$5, and $8, respectively. Explain how a butterfly spread can be created. Construct a table showing the profit from the strategy. For what range of stock prices would the butterfly spread lead to a loss