A trader is thinking about purchasing either an American call or a European call. The two calls have the same underlying asset, time to expiry and strike. The underlying asset is shares which will pay a dividend before the calls expire. Which of the following is true? The value of the European call will be less than or equal to the American call.. The American call and the European call must have the same value. The holder won't exercise the American call until expiry. If the American call is worth more than the European call, then there must be an arbitrage opportunity