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  An investment in a callable bond can be analytically decomposed into a:
  A.  Long position in a non-callable bond and a short position in a put option
  B.  Short position in a non-callable bond and a long position in a call option
  C.  Long position in a non-callable bond and a long position in a call option
  D.  Long position in a non-callable bond and a short position in a call option
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