Which of the following is the lowest possible value of an American put on a stock with no dividends?

a. X(1 + r)^-T

b. X

c. Max(0, X(1 + r)^-T S₀)

d. Max(0, X S₀)

e. none of the above

Which of the following is the intrinsic value of an American call on a stock with no dividends?

a. Max(0, S0 - X(1 + r)-T)

b. S0

c. Max(0, S0 - X)

d. Max(0, S0 (1 + r)-T - X)

e. 0