The lower bound on a call's value is the:

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The lower bound on a call's value is the difference between the stock price and the exercise price, or zero if that difference is negative. This is because the value of a call option can never be negative, and the most the option holder can lose is the amount they paid for the option. Therefore, the minimum value of a call option is the intrinsic value, which is calculated as the difference between the stock price and the exercise price, or zero if that difference is negative.

The Lower Bound on a Call's Value Is The