The current firm value of Bubble is RM10. It is expected that the firm value will decline to RM7.50 in a month later. Zila chooses to purchase a 30-day put option for 12 lots that costs RM1200. The striking price per share is RM 11. If Zilas prediction was correct, how much profit or loss would he get if he exercised the option? (Assume 1 lot = 100 units)