NO.PZ2016031201000048
问题如下：
An at-the-money American call option on a stock that pays no dividends has three months remaining until expiration. The market value of the option will most likely be:
选项：
A.less than its exercise value.
B.equal to its exercise value.
C.greater than its exercise value.
解释：
C is correct.
Prior to expiration, an American call option will typically have a value in the market that is greater than its exercise value. Although the American option is at-themoney and therefore has an exercise value of zero, the time value of the call option would likely lead to the option having a positive market value.
中文解析：
market value = time value + intrinsic value（即execise value），该option目前是ATM状态，即execise value =0，而距离到期日还有3个月，time value>0，所以market value > 0 , 选C。
如上
