$(20\%)$

Three$-$month put options with strike prices of $$35$ and $$40$ cost $$5$ and $$9,$ respectively.

$($i$)$ What is the maximum gain when a bull spread is created from the puts?

$($ii$)$ What is the maximum loss when a bull spread is created from the puts?

$($iii$)$ What is the maximum gain when a bear spread is created from the puts?

$($iv$)$ What is the maximum loss when a bear spread is created from the puts?