The spot price of the market index is $925. The annual rate of interest on treasuries is 1.25%. The premium of the put for the exercise price of $930 and the expiration of 1 year is $8. What is the profit at expiration for the long put if the market index is priced at $920 at the expiration?

1. -2

2. 1.90

3. 2

4. 1.90