Which one of the following statements is NOT true concerning the exercise of pricing European options with Monte Carlo Simulations?
1) The method of Monte Carlo Simulations is not reliable because the resulting option value changes every time when the simulations are carried out
2) One can improve the precision of the estimated option value by using a large number of random trials for the Monte Carlo Simulations
3) The estimate of option value under the method of Monte Carlo Simulations can be reasonably close to the corresponding value under the Black-Scholes-Merton model
4) As far as pricing European options are concerned, the simulation of terminal stock price is sufficient instead of simulating the entire path of underlying stock prices