An investor purchased 100 shares for $50.00 per share. Call options trade over the shares with each call option covering 100 shares. The investor writes (sells) a call option over the shares for a $300.00 premium. That is, the premium received is $300.00 in total (a call option over one share is worth $3). On expiry the option is exercised, and the investor receives the strike price of $54.00 per share. What is the total net profit from the strategy?

Select one:

$400.00

$400.00

$700.00

$300.00