Six-month call options with strike prices of $40 and $45 cost $5 and $2, respectively.
1. What is the maximum gain when a bull spread is created from the calls?
2. What is the maximum loss when a bull spread is created from the calls?
3. What is the maximum gain when a bear spread is created from the calls?
4. What is the maximum loss when a bear spread is created from the calls?
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