16. Three bonds (A, B, and C) have the same maturity, issuer, seniority, coupon rate, and maturity. However, Bond A is convertible, Bond B is callable, and Bond C is a standard non-callable non-puttable bond. A convertible bond gives the investor the right but not the obligation to convert the bond to shares of the issuers stock for a fixed price. A callable bond gives the issuer the right but not the obligation to buy the bond back from the investor for a fixed price. Rank the value of the three bonds from highest to lowest:

    (a) C, B, A (b) B, C, A (c) A, C, B (d) A, B, C (e) C, A, B