Which of the following is NOT true regarding the Black-Scholes formula?

a.The binomial solution converges to the Black-Scholes formula when taking infinite number of steps.

b.The Black-Scholes formula can price both European and American options.

c.To derive the Black-Scholes formula, we assume the stock returns are normally and independently distributed.

d.The Black-Scholes formula is also applicable on options with underlying assets such as foreign currencies