) Six years ago the Singleton Company issued 20-year bonds with a 14% annual coupon rate at

their $1,000 par value. The bonds had a 9% call premium, with 5 years of call protection.
Today Singleton called the bonds. Compute the realized rate of return for an investor who
purchased the bonds when they were issued and held them until they were called. Explain
why the investor should or should not be happy that Singleton called them.

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