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What is the intrinsic value of an option? Can an option be worth less than its intrinsic value? If so, please provide an example.

What is the intrinsic value of an option? Can an option be worth less than its intrinsic value? If so, please provide an example. If not, why not? [Note: Please be concise and to the point.]

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The intrinsic value of an option is the value that an option would have if it were exercised immedia... blur-text-image

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