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All of the following are true about normative theories EXCEPT
Noncallable Bonds
Bonds that cannot be redeemed by the issuer before their maturity date, providing investors with certainty that they will receive interest payments for the life of the bond.
Par Value
The stated value of a bond, stock share, or coupon as declared by the issuer.
Annual Coupon
The interest payment distributed each year to holders of bonds, generally represented as a percentage of the bond's principal amount.
Maturity
The date on which the principal amount of a note, draft, acceptance bond, or another debt instrument becomes due and is repaid to the investor.
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