Suppose Dmitri expects interest rates to increase and purchases a put option on Treasury bill futures from Frances. The exercise price on Treasury bill futures is 96-00. The put option is purchased at a premium of 3-00. Assume that interest rates do increase and, as a result, the price of the Treasury bill futures contract decreases over time to a value of 8800 shortly before the option's expiration date. If Dmitri decides to exercise the option, his profit will be The profit that Frances will make will be