Under SEC Regulation D, which of the following parties is considered an accredited investor?

A person whose joint income with their spouse exceeds $200,000 in each of the two most recent years and who has a reasonable expectation of reaching the same income level in the current year.

A person whose net worth, excluding the net equity in their primary residence, exceeds $500,000 at the time of purchase.

A person whose net worth, excluding the net equity in their primary residence, exceeds $1 million at the time of purchase.

A charitable organization, partnership, or corporation whose assets exceed $2.5 million.