136
Answer is c
Please explain
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Jab ek bond issuer ek callable bond issue karta hai, toh uska matlab hota hai wo woh bond ko pahle hi wapas le sakta hai investors se, before its maturity date. Isse usko flexibility milti hai ki agar interest rates kam ho gaye ya phir koi better financing option mil gaya, toh woh apne debt ko refinance kar sake.
A. Sold an option-free bond and sold a call option on the bond Yeh toh bilkul bhi sense nahi karta. Agar bond option-free hai, matlab usme koi call option jaise koi suvidha nahi hai. Aur agar issuer ne call option becha hai, toh yeh matlab hai woh us call option ko kisi aur ko de raha hai ki woh bond ko call kare, issuer ne nahi.
B. Purchased an option-free bond and purchased a call option on the bond  Phir se, agar bond option-free hai, toh usme koi embedded options nahi hain. Aur agar issuer ne bond pe call option khareeda hai, toh yeh matlab hai ki woh kisi aur ko woh haq de raha hai ki woh bond ko call kare, jo ki issuer ke liye typical nahi hai.
C. Sold an option-free bond and purchased a call option on the bond Yeh option samajh mein aata hai. Issuer ne ek bond becha jo koi embedded options nahi rakhta (option-free bond) aur phir uspe ek call option khareeda. Isse issuer ko yeh haq rehta hai ki agar zarurat padi, toh woh bond ko investors se wapas le sake, aur isse unko debt management mein flexibility milta hai.
Toh, option C sahi hai.