At one point, some Treasury bonds were callable. Consider the prices on the following three Treasury...

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At one point, some Treasury bonds were callable. Consider the prices on the following three Treasury issues as of May 15, 2019: 7.15 May 23 114.37500 114.43750 -.43750 5.41 8.90 May 23 111.50000 111.56250 12.65 May 23 147.65625 147.84375 - 18750 -.50000 5.37 5.45 The bond in the middle is callable in February 2020. What is the implied value of the call feature? Assume a par value of $1,000. (Hint: Is there a way to combine the two noncallable issues to create an issue that has the same coupon as the callable bond?) (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Call value At one point, some Treasury bonds were callable. Consider the prices on the following three Treasury issues as of May 15, 2019: 7.15 May 23 114.37500 114.43750 -.43750 5.41 8.90 May 23 111.50000 111.56250 12.65 May 23 147.65625 147.84375 - 18750 -.50000 5.37 5.45 The bond in the middle is callable in February 2020. What is the implied value of the call feature? Assume a par value of $1,000. (Hint: Is there a way to combine the two noncallable issues to create an issue that has the same coupon as the callable bond?) (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Call value