Hello all,I've been working on writing code to price callable and puttable bonds via binomial trees, and I've run into an issue that I am not sure I understand. Perhaps someone here can help me.The implementation I did is based on Fabozzi, and I get results very close to his when I follow the examples in the book. I also have an old implementation for pricing bonds using binomial trees, and, again, my results are very close to his. The problem that I have is that I additionally have and old implementation of pricing vanilla bond options using binomial tree that seems to be working correctly (all examples I've tested seem to verify this). Now, I can't seem to verify the relationship between Bonds, Vanilla Options, and Embedded Bond Options. In other words, if I find the price if the Vanilla options following this relationship:Price Vanilla Call on Bond = Price Bond - Price Callable BondandPrice Vanilla Put on Bond = Price Puttable Bond - Price Bondand compare these with the results of pricing the Vanilla Bond Options via my original tree-based pricing implementation, well, the results are far from being the same...What could I be missing? Isn't the embedded option a straight vanilla option on the bond??Thanks for any help,-LB