23. Choose the answer that best fills in the blanks in the following statement: The duration of a callable bond is that of an otherwise comparable non-callable bond because a. Less than; callable bonds have limited upside price potential since the issuing firm will exercise the call option if the market price exceeds the call price b. Less than; callable bonds have longer tenors than do otherwise comparable non- callable bonds. c. Greater than; callable bonds have no limit to their upside price potential. d. Greater than; when bonds are called the investor gets a higher cash flow than he would receive with the non-callable bond. e. Equal to; the bonds are identical