Which of the following statements isleastaccurate?

a.You can exercise an American option at any time before or on the maturity date.

b.Tomorrow is the presidential election day. You are concerned about the potential negative effect of the election result on your stock portfolio. However, you do not want to sell your stocks because there is also high probability that the market goes up. Therefore, to protect your portfolio from the downside risk, you need to buy a put option.

c.Both call and put option values increase as the volatility of underlying asset becomes higher.

d.The current stock price is $50. A put option with the exercise price of $45 is in the money.

e.Both call and put option values are higher as the time to expiration becomes longer.