You have a portfolio comprising of a long bull spread and short a bear spread with the same maturities and the same strike prices, K1 and K2, and K1 < K2. This is the same as:

Select one:

a. Long on a forward contract with forward price K2 and short on a forward contract with forward price K1.

b. Long on a forward contract with forward price K2 and long on a forward contract with forward price K1

c. Long on a zero-coupon bond with a face value of K2 - K1.

d. Short on a zero-coupon bond with a face value of K2 - K1.

e. None of the given choices is correct.