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Last week, you purchased a call option on Collins, Inc. stock at an option price of...

Last week, you purchased a call option on Collins, Inc. stock at an option price of $1.05. The stock price last week was $29.00. The strike price is $28.20. What is the intrinsic value per share if Collins, Inc. stock is currently priced at $29.65?

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Intrinsic value = Current price - Strike price
Intrinsic value = $29.65 - $28.20
Intrinsic value = $1.45
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