2. The value of a put increases when:
   1. The time to expiration increases.

II. The stock price increases.

III. The risk-free rate of return increases.

IV. The volatility of the price of the underlying stock increases.

1. I and IV only
2. II, III, and IV only
3. I, III, and IV only
4. I, II, and III only
5. I, II, III, and IV