A five-month American put option on Intel common stock has a strike price of $25. The option premium is $2.98. The stock price currently is $26.80. What is the time value of this put option?

(Do not round values at intermediate steps in your calculations. Enter your answer in dollars and cents, but omit the $ symbol and commas. For example, enter $1,234.56 as 1234.56 as your answer. If value is negative, then include a minus sign in your answer, e.g., -1234.56)