Challenge problem. Each holiday season, Michael received a U.S. savings bond from his grandmother. Michael eventually received twelve savings bonds as shown in the following table: The bonds vary in their rates of interest and their face values. Assume today is December 31, 2011. What is the value of this portfolio of U.S. savings bonds? On what date does each of the individual bonds reach its face value or maturity date (note that the price is half the face value)? Estimate to the nearest month and year for each bond. Note: The bonds continue earning interest past their maturity dates. i Data Table Issue Date Price Face Value Interest Rate Maturity Date (MM/YYYY) $25 $25 $50 ? $25 $50 $50 $100 $50 $100 $100 $100 $50 12/31/1990 12/31/1991 12/31/1992 12/31/ 1993 12/31/1994 12/31/1995 12/31/ 1996 12/31/1997 12/31/1998 12/31/ 1999 12/31/2000 12/31/2001 TOTAL $50 $50 6.0% 6.0% 6.0% 4.0% 3.0% 3.0% 5.0% 6.0% 5.0% 4.0% 5.0% 4.0% ? $25 $50 ? $25 $50 $50 $100 $100 $50 ? ? ? $50 $25 $450 nswer Challenge problem. Each holiday season, Michael received a U.S. savings bond from his grandmother. Michael eventually received twelve savings bonds as shown in the following table: The bonds vary in their rates of interest and their face values. Assume today is December 31, 2011. What is the value of this portfolio of U.S. savings bonds? On what date does each of the individual bonds reach its face value or maturity date (note that the price is half the face value)? Estimate to the nearest month and year for each bond. Note: The bonds continue earning interest past their maturity dates. i Data Table Issue Date Price Face Value Interest Rate Maturity Date (MM/YYYY) $25 $25 $50 ? $25 $50 $50 $100 $50 $100 $100 $100 $50 12/31/1990 12/31/1991 12/31/1992 12/31/ 1993 12/31/1994 12/31/1995 12/31/ 1996 12/31/1997 12/31/1998 12/31/ 1999 12/31/2000 12/31/2001 TOTAL $50 $50 6.0% 6.0% 6.0% 4.0% 3.0% 3.0% 5.0% 6.0% 5.0% 4.0% 5.0% 4.0% ? $25 $50 ? $25 $50 $50 $100 $100 $50 ? ? ? $50 $25 $450 nswer