III. (15 marks) A month ago, when TSLA was trading at $291.2…

III. (15 marks) A month ago, when TSLA was trading at $291.26/share you thought that TSLA would make a move down in price, so you created an option “bear spread” by: buying 100 put options with a strike price of $295.00 when the option was quoted at $3.50 selling 100 put options with a strike price of $290.00 when the option was quoted at $5.50 The options expire today when the value of TSLA stock is now $285.90. Ignoring other trading costs and taxes, what is the net profit or loss on this bear spread trade?