Use the following information for Problems 24 - 26: Six months ago, you bought a call option contract covering 100 shares of Kalare Inc. common stock with a strike price of $32.50 at a premium of $2.50. Today, on the expiration date of the option contract, you observe the spot price of the underlying stock is $34.00 per share. 24. What is the exercise value (intrinsic value) of the option contract, on a per-share basis? a. $0.00 b. $0.50 c. $1.50 d. $2.50