This morning, Jeff found an aged bond certificate lying on the street. He picked it up and noticed that it was a 50 -year bond that matured today. He presented the bond to the bank teller at his local bank and received payment for both the entire principal and the final interest payment. The bond that Jeff found must have been which one of the following? a. Debenture b. Note c. Registered-form bond d. Bearer-form bond e. Callable bond

Jeff's discovery of the aged bond certificate points towards a specific type of bond that allows for easy transferability. In this case, a bearer-form bond is likely what he found because it can be redeemed by anyone who physically possesses it, making it less dependent on registration or identification. This means the bank teller simply needed to see the bond to process payment! Interestingly, bearer bonds were quite popular in the mid-20th century as they provided anonymity for investors. However, due to concerns about tax avoidance and illegal funding, their issuance has become much rarer in recent years. It’s a fascinating reminder of how financial regulations evolve to keep up with changing economic landscapes!