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The following chart is for questions on callable bonds. Price Value of the Embedded Call Option PV PV PV Non-Callable Bond Callable Bond A Curve

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The following chart is for questions on callable bonds. Price Value of the Embedded Call Option PV PV PV Non-Callable Bond Callable Bond A Curve A Curve Benchmark Yield Question: Why is the price line of "Callable Bond" below the price line of "Non-Callable Bond

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