Assume the S&P 500 stands at 3745. The exp. dividend yield for the upcoming year is 2.11% & the risk-free rate is 1.87%. If John buys a 1-year put on the S&P 500 struck at 3745, which statement is likely true:

1) its delta is > 0.24 & the option is in-the-money

2) its delta is > 0.24 & the option is at-the-money

3) its delta is < 0.24 & the option is out-of-the-money

4) its delta = 0.24 & the option is at-the-money