On January 31 of this year, Jennifer pays $700 for an option to acquiare 100 shares of Lifetime Corporation common stock for $70 per share. Jennifer exercises the option on June 2. Jennifer sells the srock on April 30 of next year for $10,000. Jennifer basis for the stock immediately before the sales is:
a) 0
b) $700
c) $7000
d) $7700