Shirley believes that Nike $($NKE$)$ stock is going to decline in value because of softening demand for Nike apparel $($Under Armor is taking all of Nike's business$).$ Shirley decides to buy a put on NKE with a strike price of $$90\mathrm{.}00$ and an expiration of six months. NKE currently trades at $$91\mathrm{.}00.$ The premium on the put is $$1\mathrm{.}60.$ NKE increases to $$101\mathrm{.}50$ per share at the end of the six month period. Shirley is still holding the put option at the end of the expiration period. Calculate Shirley's total gains or losses on this transaction at the expiration date.

Gain of $$10\mathrm{.}50$

Gain of $$1,050\mathrm{.}00$

Loss of $$1\mathrm{.}60$

Loss of $$160\mathrm{.}00$