问题如下：
Based on Exhibit 4, the arbitrage-free value of the RI bond is closest to:
选项：
A. €814.
B. €1,056.
C. €1,108.
解释：
C is correct.
The value of a convertible bond with both an embedded call option and a put option can be determined using the following formula:
Value of callable putable convertible bond = Value of straight bond + Value of call option on the issuer’s stock – Value of issuer call option + Value of investor put option.
Value of callable putable bond = €978 + €147 – €43 + €26 = €1,108
147为什么是债券持有人的呢？谢谢老师
