The following three call options on gold, all expiring in three months, sell for:

Excerise Price	Options Price
$1350	$104
$1400	$78
$1450	$57

Consider the following position:

1. Buy 1 call with K = 1350

2. Sell (write) 2 calls with K = 1400

3. Buy 1 call with K = 1450

Answer the following questions:

What would be the values at expiration of such a spread for various prices of spot gold?

What investment would be required to establish the spread?

Given information about the Exercise prices of the $1350 and $1450 options, what could you predict about the price of the $1400 (exercise) option?