The price of soybeans is currently $11.71 per bushel. Three-month put options with strike prices of $11.60 and $11.80 cost $0.18 and $0.26, respectively. In tabular form, this would be expressed as

Strike	Cost (Premium)
$11.60	$0.18
$11.80	$0.26

Using the options with their strike prices and premiums, create a bull spread by drawing the options graphically and answer the question about gains or losses below. Recall a bull spread using put options is created by buying the put option with the lower strike price and selling the put option with the higher strike price. Remember, I will award most of the points available if you draw this options spread correctly. Make sure your graphs depict the appropriate shape of the options and that your axes, strike prices, breakeven prices, and premiums are clearly labeled.

For a current market price of $11.99, what is the profit from this strategy? Type your answer in the box without a dollar sign and express a loss with a negative sign in front of the number. Also include 2 decimal places with your answer. I must see your work on this question for full credit.