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

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The lower bound on a call's value is the intrinsic value which cannot be negative. In the case of a call option, the intrinsic value is the stock price minus the exercise price. If this value is negative, then the option will be out-of-the-money and worthless. Therefore, the lower bound on a call's value is the greater of zero or the difference between the stock price and the exercise price, which is given by option A.

The Lower Bound on a Call's Value Is Either The