Which of the following statements is FALSE?

	A.	While the Black-Scholes formula values American options, most growth options cannot be exercised at any time.
	B.	Future growth options are not only important to firm value, but can also be important in the value of an individual project.
	C.	An alternative to using the Black-Scholes formula is to compute the value of growth options using risk-neutral probabilities.
	D.	Out-of-the-money calls are riskier than in-the-money calls, and because most growth options are likely to be out-of-the-money, the growth component of firm value is likely to be riskier than the ongoing assets of the firm.