On February 1, 2007, Selma purchased a $50,000 compound-interest CSB. The interest rate on the CSB was 1.55% for each of the first two years and 2.675% for the third year. What was the total interest earned on the CSB by the time Selma redeemed the bond on April 1, 2009? (Taken from CIFP course materials.)

Question

Quizplus · Accepted Answer

The Answer of On February 1, 2007, Selma purchased a $50,000 compound-interest CSB. The interest rate on the CSB was 1.55% for each of the first two years and 2.675% for the third year. What was the total interest earned on the CSB by the time Selma redeemed the bond on April 1, 2009? (Taken from CIFP course materials.)

On February 1, 2007, Selma Purchased a $50,000 Compound-Interest CSB