26NN. Why the simple concept in finance that a price of a security is present value of the expected cash flows associated with that security may not be applicable to the option pricing?

a.) Because the value of an option does not depend on stock price.

b.) Because the value of an option depends on the difference between stock price and striking price (an arbitrary number).

c.) Because the value of an option depends on security price variance.

d.) Because the value of an option depends on market interest rate.