Distinguish between a European option and an American option.

Group of answer choices

An American option is one that can only be exercised at the option's expiration date. A European option can be exercised at any point in time up to and including the option's expiration date.

A European option is one that can only be exercised at the option's expiration date. An American option can be exercised at any point in time up to and including the option's expiration date.

A European option can only be exercised during EU trading hours. An American option can only be exercised during North American trading hours.

Both types of options are the same.