Which of the following is not true a. An American option can be exercised at any time during its life b. A put option will always be exercised at maturity if the strike price is greater than the underlying asset price. c. When a CBOE option on IBM is exercised, IBM issues more stock d. An call option will always be exercised at maturity if the underlying asset price is greater than the strike price A trader buys 100 European call options with a strike price of $20 and a time to maturity of one year. The cost of each option is $2. The price of the underlying asset proves to be $25 in one year. What is the trader's gain or loss? a. 300 gain b. 300 loss c. 500 gain d. 200 loss