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You are long 10 put contracts on Cisco (CSCO) with a strike price of $55.00. The option premium is $1.75 per share, and the market

You are long 10 put contracts on Cisco (CSCO) with a strike price of $55.00. The option premium is $1.75 per share, and the market price CSCO on the day you enter the contracts is $54.25. If you are long the underlying shares of CSCO, what will the overall gain or loss be of your position if you exercise the contracts when CSCO is selling for $49.00 per share?

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