When there are two dividends on a stock, Blacks approximation sets the value of an American call option equal to which of the following?

a.

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

b.

The higher of the following three values: 1) the value of a European option maturing just before the first dividend; 2) the value of a European option maturing just before the second dividend and 2) the value of a European option assuming no early exercise

c.

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

d.

The higher of the following two values: 1) the value of a European option maturing just before the second dividend and 2) the value of a European option assuming no early exercise