Seven years ago the Templeton Company issued 18 -year bonds with an 11% annual coupon rate at their $1,000 par value. The bonds had 5% call when they were issued and held them until they were called. Round your answer to two decimal places. % Why should or should not the investor be happy that Templeton called them? I. Investors should be happy. Since the bonds have been called, interest rates must have risen sufficiently such that the YTC is greater than YTM. If investors wish to reinvest their interest receipts, they can now do so at higher interest rates. II. Investors should be happy. Since the bonds have been called, investors will receive a call premium and can declare a capin returns. YTM. If investors wish to reinvest their interest receipts, they must do so at lower interest rates