On December 31, 2018, Free Company granted 15,000 options to its executive's to purchase 15,000 shares of the company's $10 par common stock at an option price of $30 per share. The market value of the stock at 12/31/2018 was $30 per share. The Black-Scholes option pricing model determined that each option had a fair value of $7. The options become exercisable on January 1, 2022, and represent compensation for executives' services over a three-year period beginning January 1, 2019. At December 31, 2019 none of the executives had left the company and the market value of the stock has increased to $32 per share, What was the intrinsic value of the options when they were granted on December 31, 2018