Problem $2.$ A trader buys options. Option type, contract size, strike price, time to maturity, and the price paid for each option are given below, as well as the price of the underlying asset at maturity. What is the trader$$s total gain or loss? Show a dollar amount and indicate whether it is a gain or a loss.

Call option gives its owner the right to buy shares at a predetermined price. Put option gives its buyer the right $($but not the obligation$)$ to sell an option at pre$-$specified $($strike$)$ price.