A recent offering of Talmot Corporation stock was underwritten by Advantage Securities. The terms were: Price to public $10 per share, number of shares 10 million, and proceeds to Talmot $95,000,000. The out-of-pocket expenses incurred by Advantage Securities in the design and distribution of the issue were $1,200,000. Talmot will incur expenses of $900,000. What profit or loss would Advantage Securities realize if the issue were sold to the public at $9.50 per share:

a. -$2,100,000

b. -$900,000

c. -$1,200,000

d. $0

e. none of the above