1. A call option has an option premium of $4, a strike price is $50, there is 2 months until expiration, and the stock price is currently $53. What is the intrinsic value of the option?

2. A call option has an option premium of $4, a strike price is $50, there is 2 months until expiration, and the stock price is currently $53. What is the time value of the option?

3. Alex buys (goes long) on a futures contract on a Treasury Bond. The minimum contract size is $100,000 and the initial price is 120% of face value. The following day the price moves to 120.25% of face value. What is the total dollar amount of the gain or loss?