An investment banker agrees to a firm commitment offering of two million shares of Ace stock. The offer price is set at $55 and the spread is 75 cents per share. If the stock is actually sold to the public at $54.50, however, what is the investment banker's gain or loss?

Multiple Choice

$1,400,000 gain

$1,400,000 loss

$500,000 gain

$500,000 loss

None of these options are correct.