Answer: False

**False.** `max(c, p)` is the value **at the chooser date**, where `c` is the call value and `p` is the put value. At the time the chooser is purchased or granted, its value must be discounted back from the chooser date and therefore is not simply `max(c, p)` unless the chooser date is the same as the grant date.

Author: Manit Arora