A Bar Magnet Is Held Vertically with Its Upper End

A bar magnet is held vertically with its upper end a little bit below the center of a horizontal metal ring.The upper end of the magnet is its north pole,as shown in the figure.The bar magnet is now dropped.An observer views the ring from above its center.To this observer,how will the induced current in the ring behave as the magnet falls?

A) The current will flow clockwise and be increasing.
B) The current will flow clockwise and be decreasing.
C) The current will flow counter-clockwise and be increasing.
D) The current will flow counter-clockwise and be decreasing.
E) The induced current will be zero.