The following prices are available for call and put options on a stock priced at$50.Therisk-free rate is 6 percent and the volatility is .35. The March options have 90 days remaining and the June options have 180 days remaining. The Black-Scholes model was used to obtain the prices. Calls Strike March June March June 8.41 6.84 4.13 3.08 3.54 1.89 Use this information to answer questions 12 through 20. Assume that each transaction consist of one contract (100 options) unless otherwise indicated. For questions 12 through 16 consider a bull money spread using the March 45/50 calls. 12. How much will the spread cost? a. $986 b. $302 C. $283 $193 e. cannot be determined 13. What is the maximum profit on the spread? a. $500 b. $802 c.. $198 d. $302 e. cannot be determined 14. What is the maximum loss on the spread? a. $500 b. $698 c. -$198 d. -$802