On March 15, 2015, Arnold purchased 100 shares of Bay Corporation for $60 each. On August 31, 2016 Arnold purchased 200 shares of Bay Corporation for $80 each. And on February 25, 2014, Arnold purchased 50 shares of Bay Corporation for $60 per share. On May 15, 2017, Arnold sold 275 shares for $110 per share. Assume ordinary income tax rates are 40% and capital gain tax rates are 20% for Arnold. How much is the gain if Arnold wants to minimize the amount of tax liability?

11,250

9,750

10,250

8,750