Suppose two bonds are identical in every respect except that one bond is callable and the other is not. $$Which of the following is$/$are true?

The call provision benefits the investor $($i$.$e$.,$ lender$)$

The call provision benefits the issuer $($i$.$e$.,$ borrower$)$

The bond with the call provision will have a higher yield $($or lower price$)$ than the bond without the call provision

The bond with the call provision will have a lower yield $($or higher price$)$ than the bond without the call provision

a$.$

I and II

b$.$

II and III

c$.$

I and IV

d$.$

II and IV