Problem 1: Six-month call options with strike prices of $35 and $40 cost $6 and $4, respectively. What is the maximum gain when a bull spread is created from the calls?
Problem 2: Six-month call options with strike prices of $35 and $40 cost $6 and $4, respectively. What is the maximum loss when a bull spread is created from the calls?
Problem 3: Six-month call options with strike prices of $35 and $40 cost $6 and $4, respectively. What is the maximum gain when a bear spread is created from the calls?
Problem 4: Six-month call options with strike prices of $35 and $40 cost $6 and $4, respectively. What is the maximum loss when a bear spread is created from the calls?