Question: 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 Circle

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 Circle the correct answer and briefly explain your choice.

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

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

(d) The greater of the value in B and the value assuming no early exercise

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