Suppose that you observe a European option on a currency with an exchange rate of $S_0$ and a foreign risk-free rate of $\rho$.
Which of the following inequalities correctly expresses the lower bound of the call?
$C_E(S_0, T, X) \ge \text{Max}[0, S_0(1 + \rho)^T + X(1 + r)^{-T}]$
none of the choices given
$C_E(S_0, T, X) \ge \text{Max}[0, S_0 - X(1 + \rho)^{-T}]$
$C_E(S_0, T, X) \ge \text{Max}[0, S_0(1 + \rho)^{-T} - X(1 + r)^{-T}]$
$C_E(S_0, T, X) \ge \text{Max}[0, S_0(1 + \rho)^{-T} - X]$