Relative to an otherwise equivalent non-callable bond, the yield to maturity of a callable bond is _____________. a. Higher because the callable bond has higher future cash flows. b. Higher because the callable bond has a lower price than the non-callable bond with otherwise equivalent features. c. Lower because the callable bond has lower future cash flows d. Lower because the callable bond has a higher price than the non-callable bond with otherwise equivalent features. e. Equal because everything about these bonds is the same.