Which of the following is FALSE?

Group of answer choices:

a) Time value is a measure of the amount of uncertainty in an option, where uncertainty relates to whether the option will expire in- or out-of-the-money

b) Assuming the stock pays no dividends, there is no reason to exercise a call early. This is because exercising captures only the intrinsic value, and the call can always be sold for at least S₀ X(1 + r) ^-T.

c) The minimum value of an American put is always higher than the lower bound of a European put.

d) If interest rates are higher, the put is less valuable because the holder is foregoing interest by having to wait to exercise the put.