Which one of the following statements related to callable bonds is correct?

Question

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Callable bonds are more likely to be called if market interest rates decline, as the issuer can issue new bonds at a lower rate. They are typically called at a predetermined call price, which may be higher or lower than the market price at the time of the call. Callable bonds may be called at any time after a specified call protection period, but issuers are more likely to call them in a declining interest rate environment. Callable bonds are generally priced lower than comparable noncallable bonds, as the callable feature provides the issuer with more flexibility and creates more risk for the investor.

Which One of the Following Statements Related to Callable Bonds