A callable range accrual note (RAN); a range note that is imbedded with a call option. The embedded option allows the issuer to call the note on a specific date or a series of dates during its life. Therefore, the call option enables the investor to pocket a higher yield than what an ordinary note provides. Investors find this structure attractive especially at times when implied volatility exceeds historical volatility. The note will pay a higher coupon if the reference index breaks outside the range. Even if the issuer called the note on the first call date, the holder would have pocketed a higher coupon payment than the market.