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:
Gold Futures
Standardized contracts to buy or sell gold at a specified future date and price, used by investors for hedging and speculative purposes.
Long Position
An investment strategy where an investor buys securities with the expectation that they will rise in value over time.
Agricultural Futures
Contracts to buy or sell agricultural commodities at a predetermined price at a specified time in the future, used for hedging or speculating on the price movement of these commodities.
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