A three-month call with a strike price of $25 costs $2. A three-month put with a strike price of $20 and costs $3. A trader uses the options to create a strangle (i.e. buys both options).

What is the investor's profit at expiration if the terminal spot price turns out to be $22?

The investor will have a [ Select ] ["gain", "loss"] of [ Select ] ["$3", "$7", "$5"] .