501?-1,1 13151-511,S

Bonds are similar to U.S.
Savings Bonds. The pur-
chaser pays one amount now
— currently $3,131 — and
receives a larger amount
later — $6,000 on March 31,
2000.
The bond yields 7.5 per-
cent per year now, but the
purchase price and effective
yield to maturity could
change, and will be an-
nounced quarterly by the
bond organization.
Individual Variable Rate
Issue Bonds can pay higher
yields, and require a cor-
respondingly larger pur-
chase price. An IVRI bond
costs $5,000 and matures in
12 years. IVRI bonds in
many cases may also be
bought with funds from an
Individual Retirement Ac-
count.
The interest rate varies —
hence the name — and is de-
termined twice a year, on
April 1 and Oct. 1, by
averaging the current prime
rate (6.96 percent) and 5 per-
cent. The bond has a soft
floor, meaning that, should
the prime rate fall below 5
percent, so will the yield on
the bond. The DCI deter-
mines the current prime by
averaging the rate at three
selected U.S. banks on a
specified date.
With IVRI bonds, the
security may be redeemed
early — after seven years if
the bond was bought by an
individual or after three
years if it was purchased
through an IRA or employee
benefit fund. There is no
penalty for early redemp-
tion. However, that early
payout is made 120 days
after the bond is submitted.
The bond continues to earn
interest until the day before
the payout is made.
Within the first year after
purchase, the bondholder
may also add to the bond —
in units of $2,500 if bought
with cash or in units of
$2,000 or $2,500 if purchas-
ed through an IRA. This
feature enables an IVRI
bondholder to purchase
bonds with a higher rate of
interest than they otherwise
would.
For example, for the same
$2,500, a purchaser not
holding an IVRI Bond would
only be able to buy that
amount in $500 Current In-
come Bonds, which pay a flat
4 percent interest. Currently
the IVRI, which are in larger
denominations, pay a higher
rate of interest.
Variable Rate Issue Bonds
have a minimum purchase of
$25,000, but yield a
minimum interest rate of 7.5
percent per year. The rate
can also be much higher. It

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THE DETROIT JEWISH NEWS

55