Question $1$

$1.$ For a $3-$month call option on GM stock, if the current market price of GM stock is $\backslash (\backslash$$ $29\backslash )$ per share, the strike price is $\backslash (\backslash$$ $27\backslash )$ per share, and the option value is $\backslash (\backslash$$ $2\mathrm{.}50\backslash )$ per share, what is this option contract's time value, assuming one contract covers $\backslash (\backslash$underline$\{100\}\backslash )$ shares?

Question $2$

$2.$ You bought one put option contract for $\backslash (\backslash$$ $1\mathrm{.}30\backslash )$ per share on GM$\text{'}$s common stock a month ago. The strike price of the put option is $\backslash (\backslash$$ $38\backslash )$ per share. Today is the option's expiration date, and GM$\text{'}$s stock trades at $\backslash (\backslash$$ $35\backslash )$ per share. What is your net profit on longing this put option contract assuming one contract covers $1$ share?

Question $3$

$3.$ You sold one call option contract for $\backslash (\backslash$$ $1\backslash )$ per share on GM$\text{'}$s common stock a month ago. The strike price of the call option is $\backslash (\backslash$$ $38\backslash )$ per share. Today is the option's expiration date, and GM$\text{'}$s stock trades at $\backslash (\backslash$$ $36\backslash )$ per share. What is your net profit on shorting this call option contract assuming one contract covers $\backslash (\backslash$underline$\{1\}\backslash )$ share?