As compared to an equivalent noncallable bond, should a callable bond’s yield be higher, lower or the same and why?

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter12: Investing In Stocks And Bonds
Section: Chapter Questions
Problem 6LO
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As compared to an equivalent noncallable bond, should a callable bond’s yield be higher, lower or the same and why?

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