Valuing the Call Feature Consider the prices of the following three Treasury issues as of February.
![1103_What is the implied value of the call feature.png](https://mywordsolution.com/CMSImages/1103_What%20is%20the%20implied%20value%20of%20the%20call%20feature.png)
The bond in the middle is callable in February 2013. What is the implied value of the call feature? (Hint: Is there a way to combine the two noncallable issues to create an issue that has the same coupon as the callable bond?)