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B. The strike price of the call option plus the current price of the underlying. C. The current price of the underlying minus the strike price of the call option. D. The current price of the underlying plus the strike price of the call option. 6. For a put option, intrinsic value is equal to ______________. A. The strike price of the put option minus the current price of the underlying. B. The strike price of the put option plus the current price of the underlying. C. The current price of the underlying minus the strike price of the put option. D. The current price of the underlying plus the strike price of the put option. 7. If a call or put option is out-of-the-money, the intrinsic value is equal to ______________. A. The strike price of the option. B. The price of the underlying. C. The price of the underlying minus the strike price of the option. D. Zero. 8. True or False: The intrinsic value of an option does not depend on how much time is left until expiration. 9. Time value ______________ as an option approaches expiration. A. Increases. B. Decreases. C. Stays the same. 10. Time value is also known as ______________. A. Delta. B. Gamma. C. Theta. D. Vega.

Software is the soul of IT, the spirit inside the machine. But the word software is misleading for a variety of reasons. First, it is certainly not a ware in any sense that we commonly understand. Second, the word software was invented as a rhetorical device for drawing a clear distinction between the program running on a computer and the computer itself, which is the hardware. In truth, software is thought captured in lines of programming code. It is the human mind or little pieces of it, at any rate translated into a language that a computer can understand. Like the human mind itself, software can be very dif cult to change. People who have never written a line of code tend to believe that software is mushy and malleable. But just the opposite is true. After software has been written, released, and loaded onto an enterprise platform or onto the hard drives of 10 million personal computers (PCs), it might as well be cast in bronze. At the risk of treading the same path as Scott Rosenberg in his excellent book, Dreaming in Code, it is important for people to understand that writing good software is not an

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15 The network of remarkable people engaged in a variety of worldchanging projects who annually assemble at the PopTech Conference in Camden, Maine (wwwpoptechorg) have historically used a subset of these factoids as base planning info-benchmarks: 1 billion PC chips on the Internet 1 million e-mails per second 1 million instant messages per second 8 terabytes per second traf c 65 billion phone calls per year 20 exabytes magnetic storage 1 million voice queries per hour 2 billion location nodes activated 600 billion radio-frequency identi cation (RFID) tags in use Just about everywhere you look and everything you read touches on the topic of information inundation Educators worry that information inundation imperils our children Public safety of cials the designers of police cars complain that there is not enough room in a car for all the communications equipment that needs to t into it.

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