Two British pound () put options are available with exercise prices of $1.50 and $1.54. The premiums associated with these options are $0.03 and $0.06 per unit, respectively. One option contract represents 31,250. a. Describe how a bull spread can be constructed using these put options. What is the difference between using put options versus call options to construct a bull spread? A bull spread can be constructed with buying the -Select- put option and writing the -Select- -Select- spread. put option. The difference between using call and put options to construct a bull spread is that using put options results in a b. Complete the worksheet for the bull spread. Use a minus sign to enter loss values, if any. If the answer is zero, enter "0". Round your answers to the nearest cent. Value of British Pound at Option Expiration $1.46 $1.50 Put @ $1.5 $ $ Put @ $1.54 $ Net $ $ $ $ $ $ $1.54 $1.58 $ $ $ c. At option expiration, the spot rate of the pound is $1.50. What is the bull spreader's total gain or loss? Use a minus sign to enter loss values, if any. Round your answer to the nearest dollar. $ d. At option expiration, the spot rate of the pound is $1.48. What is the bear spreader's total gain or loss? Use a minus sign to enter loss values, if any. Round your answer to the nearest dollar. $