In finance, a Bond+Option is a capital guarantee product that provides an investor with a fixed, predetermined participation to an option.
Say it is a USD currency option, and that 5 year rates are 4.7%.
We then have to buy $79.06 worth of bonds to guarantee the 100 to be repaid at maturity, and we have $20.94 to spend on an option.
Now the option price is unlikely to be exactly equal to 20.94 in this case, and it really depends on the underlying.
Say we are using the Black–Scholes price for the call, and that we strike the option at the money, the volatility is the defining part here.