When there are two dividends on a stock, Black's approximation sets the value of an American call

option equal to which of the following?

The greater of $(1)$: The value of a European option maturing just before the first dividend,

and $(2)$ The value of a European option maturing just before the second $($final$)$ dividend

The value of a European option maturing just before the first dividend

The value of a European option maturing just before the second $($final$)$ dividend

O The greater of $(1)$: The value of a European option maturing just before the second $($final$)$

dividend, and $(2)$ the value assuming no early exercise When there are two dividends on a stock, Black's approximation sets the value of an American call option equal to which of the following?