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With market interest rates at 6%, an analyst observes a 5-year, 5% coupon, $1,000 par value callable bond selling for $950. At the same time the analyst observes a non-callable bond, identical in all other respects to the callable bond, selling for $980. The analyst should estimate that the value of the call option on the callable bond is closest to: A. $50. B. $20. C. $30. |