Two 6-month corn put options are available. The strike prices are $1.80 and $1.75 with premiums of $0.14 and $0.12, respectively. Total costs are $1.65 per bushel and the continuously compounded risk-free interest rate is 7.84%. Farmer Donald wishes to hedge 20,000 bushels for 6 months. What is the highest profit or minimum loss between the two options if the spot price in 6 months is $1.70 per bushel?

a) $88 loss

b) $88 gain

c) $496 loss

d) $496 gain