A trader creates a bull spread using calls with K1, $50, and K2, $60 (i.e. buying call with K and writing call with K2,) If the cost of the call with strike Ky is $7 and the cost of the call with strike Kz is $2.5: a) What is the maximum loss of this strategy? The maximum gain? The maximum loss is $ The maximum gain is $ b) For what values of the terminal spot price does the trader have a gain (i.e. positive profit)? Trader has a gain when Sy is (enter "less" or "more") than $ c) At the expiration date, when the trader closes all positions, the stock sells for $51. What is their net profit (indicate a gain or a loss)? Profit is: Enter "positive" or "negative