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The textbook states that if a bondholder purchases a callable bond, the company would be able to call in bonds and replace them with lower

The textbook states that if a bondholder purchases a callable bond, the company would be able to call in bonds and replace them with lower interest rate bonds to save money on coupon payments (pp. 184). If interest fell, would it be on all bonds that are issued in the economy and would the lender be able to refuse the bond the company is choosing to replace and return the bond, while receiving the original principal they have paid for the bond?

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