A stock that pays no dividends has a price of $50. The rate of interest is 10%. The one-month maturity, 60strike American put is optimally exercised. What can you infer about the insurance value of the option at the time of exercise?

(a) The minimum insurance value is $0.62 (b) The minimum insurance value is $0.50 (c) The maximum insurance value is $0.41 (d) The maximum insurance value is $10