Explain how to solve

$6$

$1$ point

Faroon Mive buys $3$ put option contracts, where the contract size is $100$ Dell stocks, with a strike price of $$646$ at a quoted price of $$5\mathrm{.}23.$ At option expiration, these stock sell for $$688.$ What is the net profit on the transaction?

$$3,677$ Gain

$$11,031$ Loss

$$1,569$ Loss

$$11,031$ Gain