Given the following information: Current Interest Rate is 3% There are 3 different scenarios: Interest Rate can stay the same at 3% with probability 0.15 or increase to 5% with probability 0.17 or decrease to 1% with probability 0.68 Bond's information: Maturity is 23 years Coupon is 3% , paid annually Par value is $1,000 Call Price is $1,019

If the bond can be called immediately, what is the price of the callable bond?

If there is a call protection period of 14 year(s), what is the price of the callable bond?