You bought one share of stock of Peace-n-Joy Jam Inc. at a price of $98. You also sold a call option on this stock with a strike of $100. You received a premium of $3.50. What is your payoff on this strategy if the stock price is $101 at the expiration of the option? This is called a covered call strategy. (Provide your answer to the nearest cent. Just enter a number with no $ symbol or commas.)