In Table 14.2, notice that among the options expiring in one month, the option with the highest

Question:

In Table 14.2, notice that among the options expiring in one month, the option with the highest time value is the one with a strike price of $70. Likewise, among the options expiring in three months, the option with a $70 strike has more time value than the options with $65 and $75 strike prices. Why do you think this is so?

Data from Table 14.2