10. (Intrinsic vs. Black-Scholes value for put) As shown in Chapter 18 and in exercise 8 above, the call option value is always greater than its immediate exercise value (S X) for S > X. However, the value of the European put is sometimes less that its intrinsic value (X S) for S X. However, the value of the European put is sometimes less that its intrinsic value (X S) for S