12-2-2+2 = 8 marks) Six months ago, you purchased a European put option for $3 The option is about to expire. It has an exercise price of $85 and a premium of 5 The underlying asset is selling for $82 a) How would you describe this option n-the-money, at-the-money or out-of-the-money? (2 marks) b) What is the intrinsic value of this put option? (2 marks) c) What is the time value of this put option? (2 marks) d) What would your overall profit or loss be if you exercise this put option immediately? (2 marks) (2424242 = 3 marks) Six months ago. you purchased a European put option for $3 The option is about to expire It has an exercise price of $85 and a premium of 55 The underlying asset is selling for $82 *) How would you describe this option inthe-money. ut-the-money or out of the money? (2 marka) b) What is the intrinsic value of this put option? (2 marks) c) What is the time value of this put option? (2 marks) d) What would your overall profit or loss be if you exercise this put option immediately(2 marks)