Which of the following enables an arbitrage profit to be made (excluding transaction costs) from a call option if the market price of the underlying share is $5.50, the price of the call is $1.50, and the exercise price is $3.80?

Select one:

a. Buy the call option, exercise it and sell the underlying share.

b. Buy a put option, exercise it and buy the underlying share.

c. Buy a call option and hold onto it until expiry.

d. Sell a put option now and realise the profit.