Question $8$

$5$ pts

XYZ stock is currently selling @ $$64\mathrm{.}75.$ You think it is going to break one way or the other, so you decide to set up a long straddle using $1$ contract each of the May $65$ calls @ $$2\mathrm{.}75$ and the May $65$ puts @ $$1\mathrm{.}40.$

What is the value of your position if at expiration XYZ closes @ $$58\mathrm{.}85?$ Enter loss as a negative number.