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Consider an American call option with strike K and maturity T=N on a non-dividendpaying stock with price process (Sk:0kN). Show that the American call option

Consider an American call option with strike K and maturity T=N on a non-dividendpaying stock with price process (Sk:0kN). Show that the American call option is never optimal to be exercised before maturity. That is, show that for any 0n

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