Your cousin is cautiously bullish on the common stock of the ABC Co over the next several months. The current price of the stock is $58 per share. He wants to establish a bullish money spread to help limit the cost of your option position. He finds the following option quotes:

ABC Co	Underlying Stock price: $58.00
Expiration	Strike	Call	Put
June	$ 53.00	$ 9.30	$ 2.40
June	$ 58.00	$ 4.90	$ 3.80
June	$ 63.00	$ 2.40	$ 8.30

Suppose he establishs a bullish money spread with the puts. In June the stock's price turns out to be $60. Ignoring commissions, what is the net profit on his position? Show all your work.