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(a) Is the value of a putable bond greater or less than an otherwise comparable option-free bond? (b) is the value of a callable bond

(a) Is the value of a putable bond greater or less than an otherwise comparable option-free bond?

(b) is the value of a callable bond greater or less than an otherwise comparable option-free bond?

(c) Will an increase in volatility increase or decrease the value of a callable bond?

(d) Will an increase in volatility increase or decrease the value of a putable bond?

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