Use the information in the table to answer the following questions. Create one spread per question from the prices in the chart. Create only one option spread for each question. For example if you were going to create a covered write you might want to buy 100 shares at $91 and write a May 100 call against it. Please use a different option than the example. The stock is trading at $91 per share

Calls			Puts
May-85	$7.50		May-85	$1.50
May-90	$4.20		May-90	$3.10
May-95	$1.90		May-95	$5.90
May 100	$0.70		May 100	$9.80

Create a vertical ratio spread a. If you have a credit from creating the spread (the value of what you sold is greater than what you bought) what is your profit or loss if the stock goes down?