In order for the Black-Scholes pricing formula to be true, many assumptions need to be made.

Select all the following assumptions that the Black-Scholes pricing formula requires:

a. there are no taxes or transaction costs

b. trading on securities occurs continuously

c. securities are only available in discrete units

d. there are no arbitrage opportunities

e. there are no dividends paid on securities

f. there may not be any short selling of securities