A small American company wishes to lock in an exchange rate in British pounds for purchases it will make in several months. It buys 3 option call contracts (each worth 10,000 GBP) to buy the pound at rate of $1.20 per GBP in a specified time in the future. The premium to purchase the call is 3 cents ($0.03) per GBP or $300 per 10,000 GBP contract. At what exchange rate is this option at the money?

Group of answer choices

A. $1.20 per GBP

B. $1.17 per GBP

C. $1.21 per GBP

D. $1.23 per GBP