Calls			Puts
Strike	Nov	Dec	Jan	Nov	Dec	Jan
105	8.40	10	11.50	5.30	1.30	2.00
110	4.40	7.10	8.30	0.90	2.50	3.80
115	1.50	3.90	5.30	2.80	4.80	4.80

The stock price was 113.25. The risk-free rates were 7.30 percent (November), 7.50 percent (December) and 7.62 percent (January). The times to expiration were 0.0384 (November), 0.1342 (December), and 0.211 (January). Assume no dividends.

(5) What is the time value of the December 115 put?

(6) What is the time value of the November 105 put?

(7) What is the time value of the January 110 call?

(8) What is the time value of the November 115 call?