Two British pound () put options are available with exercise prices of $1.62 and $1.66. The premiums associated with these options are $0.02 and $0.03 per unit, respectively. One option contract represents 31,250. a. Describe how a bull spread can be constructed using these put options. What is the difference between using put options versus call options to construct a bull spread? A bull spread can be constructed with buying the -Select- Aput option and writing the -Select- put option. The difference between using call and put options to construct a bull spread is that using put options results in a -Select- spread. b. Complete the worksheet for the bull spread. Use a minus sign to enter loss values, if any. If the answer is zero, enter "O". Round your answers to the nearest cent. Value of British Pound at Option Expiration $1.62 $1.66 $1.55 $1.73 Put @ $1.62 $ $ $ $ Put @ $1.66 $ $ $ $ Net $ $ $ $ C. At option expiration, the spot rate of the pound is $1.62. What is the bull spreader's total gain or loss? Use a minus sign to enter loss values, if any. Round your answer to the nearest dollar. $ d. At option expiration, the spot rate of the pound is $1.59. What is the bear spreader's total gain or loss? Use a minus sign to enter loss values, if any. Round your answer to the nearest dollar. $