Suppose you believe that Florio Company's stock price is going to decline from its current level of $82 sometime during the next 5 months. For $5 you could buy a 5-month put option giving you the right to sell 1 share at a price of $87 per share. If you bought this option for $5 and Florio's stock price actually dropped to $54, what would your pre-tax net profit be?