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4. You purchased a May American call option on Netscape stock with an exercise price of $165. Which of the following statements is true? a)

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4. You purchased a May American call option on Netscape stock with an exercise price of $165. Which of the following statements is true? a) You have the right to buy Netscape shares for $165 at any time prior to the option expiration, regardless of the stock's market price. b) You are obligated to buy Netscape shares for $165 when the option expires in May, regardless of the stock's market price. c) You have the right to sell Netscape shares for $165 at any time prior to the option expiration in May, regardless of the stock' s market price. d) You are obligated to sell Netscape shares for $165 when the option expires in May, regardless of the stock's market price. e) You have the right to buy Netscape shares for $165 at any time prior to the option expiration in May, but only if the stock's market price is less than $165

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