A company issue a 10-year callable bond with a par of $1000 and coupon rate of 4.50%. After 3 years, the market interest rates decline substantially. The company now will pay a coupon rate of 3.45% if it issues a new bond. investors will exercise the put provision the issuing company will extend the bond investor will convert the bond to shares of common stock of the company The company will exercise the call provision to call the bond