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Which of the following statements about the relationship between the value of a callable bond, the value of an option-free bond, and the value of the embedded call option is CORRECT? A. Value of a callable bond = value of an option-free bond − value of an embedded call option. B. Value of a callable bond = present value of the interest payments + present value of the principal at maturity. C. Value of a callable bond = value of an option-free bond + value of an embedded call option. |