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A speculator purchases a put option on Treasury bond futures with a September delivery date with a strike price of 85-00. The option has a

A speculator purchases a put option on Treasury bond futures with a September delivery date with a strike price of 85-00. The option has a premium of 2-00. Assume that the price of the futures contract decreases to 82-00 on the expiration date and the option is exercised at that point (if it is feasible). What is the net gain?

$1,968

$3,750

$3,000

-$2,000

$1,000

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