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What is the time value of a put with a strike price of $30 when the option price is $5 and the underlying common stock

What is the time value of a put with a strike price of $30 when the option price is $5 and the underlying common stock sells for $27?

A) $1

B) $2

C) $3

D) $4

Please explain how you arrived at the answer. Thank You.

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