Hole-in-the-Wall Dart Manufacturing Inc. is a company which you had followed, and you believed would go up very rapidly in the near future due to their improved model of dart which was about to be released .A while ago, the stock was trading at $4.50 per share and there were options available for the price of $0.50 per share which would allow you to buy at a strike price of $5.50. You purchased 3 of them.

Today, these same options are trading for $8, and the market price of the company is $12.75 per share.

Assuming you sold today, and there were no commissions on either purchase or sale of the options, how much total profit have you earned on the sale?

$22.50 $24.00 $2,250.00 $12.00 $2,400.00