Which of the followings are true?I. Option contracts are a zero sum game (Buyer's gain + seller's gain = 0)II. One advantage to buying options on a stock rather than the stock itself is that it requires a smaller amount of initial investment.III. At the maturity, a call option, with an exercise price of $5, selling for $2 when the stock price is $8 presents an arbitrage opportunity.IV. At the maturity, a put option, with an exercise price of $15, selling for $7.50 when the stock price is $6 presents an arbitrage opportunity.1. II and III only2. I. Il and III only3. II, III and IV only4. I, II, Ill and IV