A trader creates a bear spread by selling a six-month put option with a $25...

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Accounting

A trader creates a bear spread by selling a six-month put option with a $25 strike price for $2.15 and
buying a six-month put option with a $29 strike price for $4.75. What is the initial investment? What is
the total payoff when the stock price in six months is (a) $23,(b) $28, and (c) $33.

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