5. The following quotes were observed for options on Apple Inc. stock at 11:05 on December 8, 2014. These are American options except where indicated. (16)

Calls				Puts
Exercise (X)	Jan	Mar	Jul		Jan	Mar	Jul
110	6.00	8.60	11.50		1.70	4.70	7.80
115	3.10	6.00	9.00		3.80	7.00	10.20
120	1.40	4.00	7.10		7.10	10.00	13.10

The stock price (S0) is $114 and assumes no dividends.

Use the risk-free rates: 0.01 percent (Jan), 0.02 percent (Mar), and 0.10 percent (Jul).

The times to expiration (T) were 0.1205 (Jan), 0.2094 (Mar), and 0.6164 (Jul).

Answer the following questions.

(1) What is the intrinsic value of the July 110 call?

(2) What is the intrinsic value of the January 115 call?

(3) What is the intrinsic value of the March 115 put?

(4) What is the intrinsic value of the January 110 put?

(5) What is the time value of the March 115 put?

(6) What is the time value of the January 110 put?

(7) What is the time value of the July 110 call?

(8) What is the time value of the January 115 call?