The fair market value of a near-month call option with a strike price of $45 is $5, when the stock is trading at $48.
Based on the preceding information, which of the following is true of the intrinsic and time values associated with this option. 
Definitions:
Astrophysics
A branch of astronomy that deals with the physics of the universe, including the physical properties of celestial objects and the underlying laws of their interactions.
Monastery
A building or complex where monks or nuns live in community, dedicated to religious practice and contemplation.
Recall
The ability to retrieve information from memory without the aid of cues.
Recognition
The process of identifying a thing or person from previous encounters or knowledge.
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