CALLABLE BOND Definition

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CALLABLE BOND is a bond the issuer has the right to pay off at issuers discretion.

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NON-INTEREST BEARING BOND is a bond issued at a discount from its par value and not paying any interest to the holder. The interest earned is determined by the difference between the redemption price and the purchased price. U.S. Treasury bills are an example of non-interest bearing bonds.

FUND THEORY views the organization as a series of funds or sub-funds represented by various services or departments.

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