$1.$ You long a put with maturity at T with strike K$1=$ $$4,000.$ You short a put on the same underlying asset with strike K$2=$ $$4,500.$ ST is the price of the underlying asset at maturity. $($i$)$ What is your cash flow at time T $($not accounting for any costs of purchasing the

portfolio$)$ifa$)$ST $<=$K$1,$b$)$K$1=$ K$2?$

$($iii$)$ Is this strategy bearish $($makes money when stock prices fall$)$ or bullish $($makes money when stock prices rise$)?$