Exercise 8-3 (Algorithmic) (L0. 2) Olivia wants to buy some vacant land for investment purposes. She currently cannot afford the full purchase price. Instead, Olivia pays the landowner $31,000 to obtain an option to buy the land for $620,000 anytime in the next four years. Fourteen months after purchasing the option, Olivia sells the option for $38,750. What is the amount and character of Olivia's gain or loss? She has of $