The value of an option at the time of expiration is a function of:

(I) volatility
(II) interest rate
(III) stock price
(IV) exercise price
(A) I only
(B) III only
(C) I and II
(D) III and IV

The answer is: (D) III and IV
The value of an option at the time of its expiration is a function of the stock price at expiration (ST) and the strike price (K). For example, in the case of a call option
Call Option = max(ST-K,0)
And, in the case of a put option
Put Option = max(K-ST,0)