Assume the Black-Scholes framework. You are given:

(i) The current stock price is 50.

(ii) The stock pays dividends continuously at a rate proportional to its price. The dividend yield is 3%.

(iii) The volatility of the stock is 16%.

(iv) The prices of 1-year at-the-money European call and put options are 4.348 and 1.981, respectively.

Timothy has just written 200 units of the call in (iv), and he delta-hedged his position immediately.

After 3 months, the stock price rises to 55 and the call price increases to 7.316.

Calculate the three-month holding profit for Timothy.