On February 1, 2007, Selma purchased a $50,000 compound-interest CSB. The interest rate on the CSB was

Question:

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.)