In this case, the investor will get 6 mos of interest at the 7.12% rate, then later this year will begin a full 6 mo term of interest accumulating at 9.6% It c

In this case, the investor will get 6 mos of interest at the 7.12% rate, then later this year will begin a full 6 mo term of interest accumulating at 9.6% It confused me for awhile until I figured out that different people with different investment dates will have different instantaneous interest rates as a function of their date of investment. So buying now lets you take advantage of the similarly nice previously set rate, for 6 mos, then another guaranteed (and known) nice rate for another 6 mos.