Which of the Following Is the Lowest Possible Value of an American

Multiple Choice

Which of the following is the lowest possible value of an American call on a stock with no dividends?

A) Max[0,S₀ - X(1 + r) ^-T]
B) S₀
C) Max(0,S₀ - X)
D) Max[0,S₀ (1 + r) ^-T - X]
E) none of the above