Alex, an experienced options trader, decided to implement a…

Alex, an experienced options trader, decided to implement a bear spread strategy using put options. He bought a put option with a strike price of $55 for a price of $3 and simultaneously sold a put option with a strike price of $50 for a price of $2. At expiration, the stock price settled at $52.What is Alex’s net payoff from the bear spread at expiration?