8. Instead of thinking about callable bonds, consider puttable bonds. Unlike callable bonds, puttable bonds allow the investor to sell the bond back to the issuer at pre-specified times for pre-specified prices. The price of a puttable bond would be a. Higher than the price of an otherwise equivalent callable bond because it would allow the investor to sell the bond back to the issuer when the put price is higher than the bond's intrinsic value. b. Higher than the price of an otherwise equivalent callable bond because it would force the investor to sell the bond back to the issuer at a price lower than its intrinsic value. c. Lower than the price of an otherwise equivalent callable bond because it provides another option to the bond's issuer. d. Lower than the price of an otherwise equivalent callable bond because the investor would never want to exercise this option. e. Not enough information