1. A stock is selling for $59.07 per share. A put option on the stock has a $58.50 strike price and a $0.78 premium. The put is:

a. Out of the money because the option's strike price is below the stock's market price

b. Out of the money because the option premium is below the option strike price

c. In the money because the option premium is below the option strike price

d. Out of the money because the option's premium is below the stock's market price

e. In the money because the option's premium is below the stock's market price