What is the intrinsic value of the option as the expiration


Suppose you purchase a call option to purchase Toyota's common stock at $80 share in March. the current price of Toyota stock is $83 and the time value of the option is $5. what is the intrinsic value of the option? As the expiration date approaches, what will happen to the size of the time value of the option?

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Finance Basics: What is the intrinsic value of the option as the expiration
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