Question: Using the option-adjusted spread analysis, what is the option-adjusted spread for the three-period, 10.5% callable bond in Question 12 if it is priced to equal

Using the option-adjusted spread analysis, what is the option-adjusted spread for the three-period, 10.5% callable bond in Question 12 if it is priced to equal its equilibrium price of 103.30? What is the spread if the market prices the bond at 102.80?

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