问题如下：
Based on Exhibit 2, the current price of Bond 1 is most likely greater than the current price of:
选项：
A.Bond 2.
B.Bond 3.
C.Bond 4.
解释：
C is correct.
All four bonds in Exhibit 2 issued by Alpha Corporation offer the same coupon rate and have the same remaining term to maturity. Bond 4 (callable) most likely has a current price that is less than Bond 1 (straight or option free) because investors are short the call option and must be compensated for bearing call risk. Bond 2 (convertible) most likely has a current price that is greater than Bond 1 because investors are paying for the conversion option embedded in Bond 2 and the option has time value associated with it, even though the option is trading out of the money.
Similarly, Bond 3 (putable) most likely has a current price that is greater than Bond 1 because investors are paying for the put option.
这题是要根据上题利率下降的可能吗？我看道bond2说是out of money，但是后来想想可转债的value的vaule是大于等于pure债的，这样想正确吗？
