The current price of a stock is $4.9. A trader sells 10 put option contracts on the stock with a strike price of $7.9 when the option price is $4. The options are exercised when the stock price is $6.9. What is the traders net profit or loss on the contracts?

a. Loss of 6.00

b. Gain of 6.00

c. Gain of 30.00

d. Loss of 30.00