Angela Lim is a graduate analyst and is thinking of trading options on a part time basis. Angela has come to you for some assistance. Answer the following question. She is long on a Put with an exercise price of $5 and a current market price of the underlying stock of $3. Will a European or American put option be worth less in the market? (Choose the most appropriate answer.) (2 Marks)

a. Cannot Say

b. American Put Option

c. European Put Option