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How does the price-yield relationship for a callable bond compare to the same relationship for an option-free bond? The price-yield relationship is: A. the same for both bond types. B. concave for an option-free bond and convex for a callable bond. C. concave for the callable bond and convex for an option-free bond. D. concave for low yields for the callable bond and always convex for the option-free bond. |