The Time Value of a Put Option IsI) the Difference

The time value of a put option isI) the difference between the option's price and the value it would have if it were expiring immediately.II) the same as the present value of the option's expected future cash flows.III) the difference between the option's price and its expected future value.IV) different from the usual time value of money concept.

A) I
B) I and II
C) II and III
D) II
E) I and IV