Mike sells a European put option on a stock for $3.50 option premium at the strike price of $55 and at the same time he longs a future on the same stock at the future price of $57. Both the put option and the future have the same expiration date. What is Mikes total payoff from the put option and the future if the spot price is $56 at the expiration date?

1. -$4.5

2. $2.5

3. -$1

4. $0