Calculate the intrinsic value and time value from the mid market (average of bid and ask) prices for the September call options in Table 1.2. Do the same for the September put options in Table 1.3. Assume in each case that the current mid market stock price is $316.00.

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Table 1.2 Prices of call options on Apple, May 21, 2020; stock price: bid $316.23, ask $316.50 (Source: CBOE). Strike price June 2020 September 2020 December 2020 ($) Bid Ask Bid Ask Bid Ask 290 29.80 30.85 39.35 40.40 46.20 47.60 300 21.55 22.40 32.50 33.90 40.00 41.15 310 14.35 15.30 26.35 27.25 34.25 35.65 320 8.65 9.00 20.45 21.70 28.65 29.75 330 4.20 5.00 15.85 16.25 23.90 24.75 340 1.90 2.12 11.35 12.00 19.50 20.30