EU call max value discounted, max, someone

aurific

Hi,
Could someone explain why is the max value for European call is S(t) while not its discounted value, i.e. S(t)/(1+RFR)^(T-t) since it is only exercisable at expiration date t=T?
Thanks!

Daniel1985

T=t
so (1+rfr)^(T-t) = (1+rfr)^0 = 1

CP