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4- Today, I bought 1 put contract on GM with one-year to maturity with an exercise price of $60 at a premium of $7 when

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4- Today, I bought 1 put contract on GM with one-year to maturity with an exercise price of $60 at a premium of $7 when GM stock price was selling for $55. What is the intrinsic value of this option? What is the time value of the option? Is the option in-the-money, out-of-money or at-the- money

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