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Some bonds are issued with put options. Consider an imaginary bond with a 10 year time to maturity and a put option that can be

Some bonds are issued with put options. Consider an imaginary bond with a 10 year time to maturity and a put option that can be exercised after 6 years. Explain the following: (i) Under what conditions will the option be exercised? and What financial implications are there for the issuer when the option is exercised?

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