Callahan Auto Parts is currently undergoing an investigation regarding its faulty brake pads. You think that the investigation will have a negative impact on Callahan's stock and decide to purchase put options on the Callahan common stock. The put options expire in six months and have a strike price of $28.73. The put options are trading for $5.27 while the common stock is trading for $31.75. Determine the intrinsic value of the put option.