The price of a stock is $55. A put option written on this stock with a strike price of $48.8 is quoted at $7.2. One option contracts covers 100 underlying shares. A trader enters a short position in this put option. If the options are exercised when the stock price is $34.4, calculate the trader's total net loss:

A)1340

B)720

C)2060

D)1440

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