Each holiday season, Michael received a U.S. savings bond from his grandmother. Michael has eventually received twelve savings bonds. The bonds vary in their rates of interest and their face value. Assume that today is December 31, 2011. What is the value of this portfolio of U.S. savings bonds? On what dates does each of the individual bonds reach their 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 maturitydates.

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Face ValueInterest RateMaturity Date Issue Date 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 Price $50 S50 $25 S25 S25 S50 S25 $25 S25 $50 S25 S25 S400 S100 $100 $50 $50 S50 $100 S50 $50 S50 $100 S50 $50 6.0% 6.0% 5.0% 4.09.0 4,0% 5.0% 5.0% 4.0% 4.0% 4.0% 4.0% 3.0%