A European option giving the right to sell a stock at $100 sells for $5. Under what circumstance will the buyer of the option make a profit?

Select one:

a. When the stock price at maturity is less than $100

b. When the stock price at maturity is greater than $100

c. When the stock price anytime up to maturity is less than $95

d. When the stock price at maturity is less than $95