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| rev | Admin | (Created page with "'''Solution: E''' Given the coupon rate is less than the yield rate, the bond sells at a discount. Thus, the minimum yield rate for this callable bond is calculated based on a call at the latest possible date because that is most disadvantageous to the bond holder (latest time at which a gain occurs). Thus, X, the par value, which equals the redemption value because the bond is a par value bond, must satisfy <math display = "block"> \mathrm{Price} = 1021.50=0.02\,X a_{...") | Nov 19'23 at 18:01 | +579 |