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.