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A put option on a non-dividend-paying stock is priced at $5.50. The strike price of the put option is $55. When current stock price is

A put option on a non-dividend-paying stock is priced at $5.50. The strike price of the put option is $55. When current stock price is $60, this put option has an intrinsic value of ( ) and a time value of ( )

a. $5.50, $0

b. $5.00, $5.50

c. $5.50 , $5.00

d. $0, $5.50

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