Question: Explain why a change in the time to expiration (i.e., T) can have either a positive or negative impact on the value of a European-style

Explain why a change in the time to expiration (i.e., T) can have either a positive or negative impact on the value of a European-style put option. In this explanation, it will be useful to contrast the put's reaction with that of a European-style call, for which an increase in T has an unambiguously positive effect.

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