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A put option has a strike price of $40.00 and a stock price of $35.00. If the put option is trading at $7.00, what is

A put option has a strike price of $40.00 and a stock price of $35.00. If the put option is trading at $7.00, what is the time value embedded in the option?

A call option has an exercise price of $55.00 and a stock price of $58.00. If the call option is trading for $3.00, what is the time value of the option?

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