An investor holds 200 shares of Company Z, with a current trading price of $26 per share. The investor believes that the stock price is likely to go down, therefore he purchased 200 put options on Company Z's shares. The put options have a strike price of $24 and a premium of $1.50. Determine the investor's profit or loss if the stock price falls to $20.

-$500

-$900

-$300

-$700