Suppose that you purchased a call option on the S&P $100$ Index. The option has an exercise price of $1,680,$ and the index is now at $1,720.$ What will happen when you exercise the option?

You will have to pay $$1,680.$

You will receive $$4,000.$

You will receive $$1,680.($WRONG$)$

You will have to pay $$4,000.$

You will receive $$1,720.($WRONG$)$