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1. A call option is available on the stock market of Rally Corporation. The exercise price is $60. The option price is $7. Rally stock

1. A call option is available on the stock market of Rally Corporation. The exercise price is $60. The option price is $7. Rally stock is currently selling for $70 per share. What is the intrinsic value of the option. a. $0 b. $3 c. $7 d. $10

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