A call option with a strike price of $50 on a stock selling at $55 costs $6.50.

Question:

A call option with a of $50 on a stock selling at $55 costs $6.50. What are the call option's intrinsic and time values?
Strike Price
In finance, the strike price of an option is the fixed price at which the owner of the option can buy, or sell, the underlying security or commodity.