Bill Jones inherited 5,000 shares of stock priced at $55 per share. He does not want to sell the stock this year due to tax reasons, but he is concerned that the stock will drop in value before year-end. Bill wants to use a collar to ensure that he minimizes his risk and doesn't incur too much cost in deferring the gain. January call options with a strike of $60 are quoted at a cost of $3, and January puts with a $50 exercise price are quoted at a cost of $2. If Bill establishes the collar and the stock price winds up at $45 in January, Bill's net position value including the option profit or loss and the stock is ________.

		$250,000
		$255,000
		$195,000
		$275,000