If the synthetic short sale is long one May $$25$ put at $$2\mathrm{.}25$ and short one May $$25$ call at $$2\mathrm{.}75,$ if the stock price closes at $$20,$ the synthetic short would $($keep in mind a position is $100$ shares per contract$)$:

Question $2$ options:

lose $$225$

gain $$550$

gain $$275$

lose$$525$