Which of the following option is false? Select the most suitable answer. Select one:

a. The European put price plus the stock price must equal the European call price plus the present value of the strike price.

b. For American options, put-call parity provides an upper and a lower bound for the difference between call and put prices.

c. For American options without dividend payment, the difference between call and put prices should be higher than or equal to the difference between stock price and strike price.

d. The intrinsic value of an option is always lower than the option premium. e. Call option writer has limited profit.