Which of the following statements is most accurate? The yield to maturity of a callable bond is calculated as if the bond were called at the earliest opportunity. A callable bond will trade at a higher price (and therefore a lower yield) than an otherwise equivalent non-callable bond. Before the call date, investors anticipate the optimal strategy that the issuer will follow, and the bond price reflects this strategy. A firm raising capital by issuing callable bonds instead of non-callable bonds will be able to pay a lower coupon rate. When the bond's coupon rate is below the yield for similar securities, the bond is likely to be called. Which of the following statements is most accurate? The yield to maturity of a callable bond is calculated as if the bond were called at the earliest opportunity. A callable bond will trade at a higher price (and therefore a lower yield) than an otherwise equivalent non-callable bond. Before the call date, investors anticipate the optimal strategy that the issuer will follow, and the bond price reflects this strategy. A firm raising capital by issuing callable bonds instead of non-callable bonds will be able to pay a lower coupon rate. When the bond's coupon rate is below the yield for similar securities, the bond is likely to be called