On April $1,2023,$ Culver Corp. purchases a call option for $$550,$ which gives Culver the right to buy $1100$ shares of Cheyenne Inc. for

$$31$ each until December $1,2023.$ Cheyenne Inc. shares are currently trading for $$31.$ At June $30,2023,$ the options are trading at

$$5280$ and the shares at $$33$ each. At December $1,2023,$ the options expire with no value. The intrinsic value of the option at April $1,$

$2023,$ is

$$0.$

$$1100.$

$$550.$

$$5280.$