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(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

(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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