1. 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? 2. Three put options on a stock have the same expiration date and strike prices of $55, $60, and $65. The market prices of the options are $3, $5, and $8, respectively. An investor creates a strategy by buying the $55 put, buying the $65 put, and selling two of the $60 puts. What is the P&L if the stock price at the expiration date is $64.5? (Loss written in negative number)

3. A trader buys a call option with a strike price of $45 and a put option with a strike price of $40. Both options have the same maturity. The call costs $3 and the put costs $4. What is the investor's P&L if the stock price is $35 at the maturity of these two options? (Loss written in negative number)