The time value of an option is the difference between $\_\_\_\_\_\_\_\_.$ Because a$($n$)\_\_\_\_\_\_\_\_$ option cannot be worth less than its intrinsic value, it cannot have a negative time value.

Question $3$ options:

$1)$

the current option price and its intrinsic value; American

$2)$

the current option price and its intrinsic value; European

$3)$

the current option price and its present value; American

$4)$

the current option price and its present value; European