You are given the following information for a BSOPM (Black Scholes Options Pricing Model) problem.

Stock Price = $22

Exercise Price = $24

Days to Maturity (Divided By Days in Year) = 120/365

Risk Free Rate = 0.08 [or 8%]

Standard Deviation = 0.25

Variance of Return = 0.0625

With this information and using the BSOPM, calculate the intrinsic value or theoretical price for the CALL OPTION AND PUT OPTION CONTRACT.