Nine years ago the Templeton Company issued 15-year bonds with an 11% annual coupon rate at their $1,000 par value. The bonds had a call premium, with 5 years of cell protection Today Templeton 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. Round you answer to two decimal places Why should or should not the investor be happy that Templeton called them? L Investors should be happy. Since the bonds have been called, investors will no longer need to consider reinvestment rate risk I! Investors should not be happy. Since the bonds have been called, interest rates must have fallen ficiently such that the VTC is less than the YTM Investors are the interest receipts, they must do so at lower interest rates III. Investors should be happy. Since the bonds have been called, interest rates must have risen sufficiently such that the YTC is greater than the YTMIf investors wish to reveal the interest receipts, they can now do so at higher interest rates IV. Investors should be happy. Since the bonds have been called, investors will receive a cal premium and can declare a capital gain on their tax returns