Suppose a stock is trading at$47.11. A market participant writes8 put option contracts (where 1 contract is for 100shares)on the stock with a strike price of $50.14when the option price is $3.98per share. The options are exercised when the stock price is $49.06. What is the market participant's net profit or loss?(A loss should be entered as a negative number.)

please include explanations step by step !!

** also if this problem was a call option rather than a put option, would it still be calculated the same way?

thank you !!