What is a Bargain Purchase Option (BPO) for a lease?

The right to buy the asset at the end of the lease period.

The right to buy the asset at the end of the lease period for less than the estimated market value at the beginning of the lease.

The right to buy the asset at the end of the lease period for less than the estimated market value at the ending of the lease.

The right to buy the asset at the end of the lease period at the estimated market value at the end of the lease before the lessor offers the asset to any other potential customers.