you expect that the stock of GoPro, currently trading at $74 per share, will be volatile in the next three months, and the price will change significantly. However, you do not know the direction of the change. Thus, you decide to enter into a long straddle position using 3 month options, buying both a put and a call contract struck at $74. The premium on both options is $2.8 per share. If at maturity, GoPro is trading at $81 per share, what is your net profit on this position?

Remember that each option contract is for 100 shares.