Assume a hypothetical 30-year bond is issued on 15 August 2019 at a price of 98.195 (as a percentage of par). Each bond has a par value of $1,000. The bond is callable in whole or in part every 15 August from 2029 at the option of the issuer. The call prices are shown below.

The call protection period is:

A. 10 years.

B. 11 years.

C. 20 years.

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Year 2029 2030 2031 2032 2033 2034 Call Price 103.870 103.485 103.000 102.709 102.322 101.955 Year 2035 2036 2037 2038 2039 and thereafter Call Price 101.548 101.161 100.774 100.387 100.000