Explanation

For a put option, the intrinsic value is calculated as:

Intrinsic Value = Max(Strike Price - Stock Price, 0)

Given:

• Current stock price = $25
• Strike price = $20
• Time to expiration = 6 months (irrelevant for intrinsic value calculation)

Calculation: Intrinsic Value = Max($20 - $25, 0) = Max(-$5, 0) = $0

The intrinsic value is $0 because the put option is out-of-the-money (stock price > strike price). The option has no intrinsic value, only time value (if any).

Note: The question appears to be incomplete in the provided text, but based on the information given, we can calculate the intrinsic value as shown above.