Lauren purchases 400 shares of Greshak Corp. stock for $32.00 per share and wishes to hedge her position by writing a 400 share call options on her holdings. The options have a $36.00 strike price and a premium of $4.50 each. If the stock is selling at $35.00 at the time the options expire, what will be the overall dollar ($) gain or loss on this covered option strategy? (Consider the underlying stock holding as well the options.)

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