Based on the calculations, none of the investments have a positive Net Present Value (NPV) at a 20% discount rate. Common shares: NPV = -$12,796 Preferred shares: NPV = -$9,043 Bonds: NPV = $5,405 Since all the NPV values are negative, it means that none of the investments earned a 20% rate of return. In fact, all the investments have a negative NPV, indicating that the returns were lower than the 20% discount rate. Therefore, Anita did not earn a 20% rate of return on any of the investments