Suppose a European call option to buy a share for $22.00 costs $1.50. The stock currently trades for $19.00. If the option is held to maturity under what conditions does the holder of the option make a profit? Note: ignore time value of money.

When the price of the stock is greater than $20.50.

When the price of the stock is greater than $22.00.

When the price of the stock is greater than $23.50.