Jeff Owns an American Put Option on 100 Shares of ABC

Multiple Choice

Jeff owns an American put option on 100 shares of ABC stock.The option has a strike price of $32.50 and a September expiration date.The stock has recently been declining in value,currently sells for $27.65 per share,and is expected to continue declining in value.Ignore all costs and taxes.If today is Wednesday,August 14,he:

A) cannot exercise his option even though he would like to do so.
B) should hold his option until September.
C) can exercise his option and earn a profit.
D) should exercise his option today and then sell the shares of stock on the September expiration date.
E) should let his option expire unless the stock price increases above $32.50 a share.