The value of a European put option is directly related to the exercise price. Additionally, the value of a European put option can be either directly or inversely related to the time to expiration, with the direct effect being more common.

• Option 1 and Option 2: Both have the same exercise price ($52), but Option 2 has a longer time to expiration (4 months vs. 2 months). Therefore, Option 2 is more likely to have a higher value than Option 1.

• Option 2 and Option 3: Both have the same time to expiration (4 months), but Option 3 has a higher exercise price ($58 vs. $52). Consequently, Option 3 is most likely to have a higher value than Option 2.

Thus, Option 3 is the correct answer as it combines a longer time to expiration with a higher exercise price, both of which contribute positively to the option's value.