Cisco Systems (CSCO) is quoted at $54.59 per share. The July 19, 2019 call is

quoted at $3.50 bid, $3.55 ask, and the same expiry and strike put is quoted at

$1.37 bid, $1.39 ask.

a. How much intrinsic value does the call have? Is in-the-money or out-of-

the-money?

b. How much intrinsic value does the put have? Is in-the-money or out-of-

the-money?