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URL:  http://boards.fool.com/as-i-understand-it-the-variable-rate-changes-on-15569686.aspx

Subject:  Re: I Bonds Variability Date:  8/15/2001  2:01 PM
Author:  JasonCrowell Number:  1948 of 35400

As I understand it, the variable rate changes on all I-Bonds, while the fixed rate only affects newly issued I-bonds.
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