Here are todays quotations of the current month Hang Seng Index options.Strike level Call premium Put premium20000 597 1420200 402 3720400 249 8420600 133 16820800 60 295The contract multiplier is $50 per index point. Ignore transaction levies.a) Suppose Hang Seng Index is currently at 20588 level, calculate the intrinsic value and timevalue (in terms of index point) embedded in each of the call option series.b) If you decide to long a current month Hang Seng Index call option today that has a strikelevel of 20400 and to hold it to maturity, what would be your overall monetary gain or lossfor this investment if at expiration Hang Seng Index closed at 20624 level.