The time value of an option is the difference between the a. premium paid and its current rate. b. premium paid and its intrinsic value. c. exercise price and its current rate. d. call option price and the put option price. The total value of a derivative is determined by the a. number of units specified in the derivative and the price that relates to the asset or liability underlying the derivative. b. change in the price or rate that relates to the asset or liability underlying the derivative. c. price or rate that relates to the asset or liability underlying the derivative. d. number of units that is specified in the derivative instrument. For a derivative instrument, the underlying amount is a. related to the number of units specified in the derivative and the price that relates to the asset or liability underlying the derivative. b. the change in the price or rate that relates to the asset or liability underlying the derivative. c. the price or rate that relates to the asset or liability underlying the derivative. d. the number of units that is specified in the derivative instrument