Which of the following statements is FALSE?

A. It is tempting to use the Black-Scholes formula to value future growth options, but often there are good reasons why this formula might not price these options correctly. B. When a firm has a real option to invest in the future it is known as a growth option. C. Because growth options have value, they contribute to the value of any firm that has future possible investment opportunities. D. Future growth opportunities can be thought of as a collection of real put options on potential projects.