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7) One of the clothing retail firms which your friend from problem # 3 has for a client stock is trading this week at $36/share.

7) One of the clothing retail firms which your friend from problem # 3 has for a client stock is trading this week at $36/share. If there is a put option outstanding with a strike price of $45/share and was priced at $10.50 calculate both the intrinsic value of the option and its time value.

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