What is the gain or loss from purchasing a put option on $100,000 face value treasury bonds with a strike price of $95,000 (90 points) and a premium of 1.2 points ($1,200) with an expiration date at end of July, if the end of July selling price for the bonds is $92,000.

a. Profit of $1800

b. Loss of $3000

c. Loss of $1200

d. Profit of $3000