For an American call option, Blacks approximation is:

Select one:

a.

the difference between the share price and the present value of the exercise price minus the dividend.

b.

the greater of the share price and the present value of the exercise price minus the dividend.

c.

the greater of the share price and the present value of the exercise price plus the dividend.

d.

the difference between the price of a European option expiring at the ex-dividend date and the price of a European option expiring at the same time as the American option.

e.

the greater of the price of a European option expiring at the ex-dividend date and the price of a European option expiring at the same time as the American option.