Consider a European call option for 100 shares of IBM Corporation, whose strike price is $170 per share and which matures 18 months from now. What does this option entitle you to do?

• Between now and 18 months from now, you have the right, but not the obligation, to purchase 100 shares of IBM Corporation for $170 per share.
• At the maturity date, which is 18 months from now, you have the right, but not the obligation, to sell 100 shares of IBM Corporation for $170 per share.
• At the maturity date, which is 18 months from now, you have the right, but not the obligation, to purchase 100 shares of IBM Corporation for $170 per share.
• Between now and 18 months from now, you are entitled to make a phone call to the European headquarters of IBM Corporation to inquire about the value of 100 shares of IBM.