On April 1, 2021, Beta Corp. purchases a call option for $500, which gives Beta the right to buy 1,000 shares of ABC Inc. for $30 each until December 1, 2021. ABC Inc. shares are currently trading for $30. On June 30, 2021, the options are trading at $4,800 and the shares at $32 each. On December 1, 2021, the options expire with no value. The time value of the option at April 1, 2021 is:

a. $0

b. $ 500

c. $4,800

d. $30,000