QUESTION $10$

Which of the following is correct?

a$.$ The time value of an at$-$the$-$money call option may be less than the time value of an in$-$the$-$money call option.

b$.$ The time value of an at$-$the$-$money call option is always greater than zero.

c$.$ Because of the time value of money, the longer before an option expires, the less valuable the option will be$.$

d$.$ The time value of an in$-$the$-$money call option may be less than the time value of an out$-$of$-$the$-$money call option.