3. The quoted price of a January CBOT Treasury bond futures contract is 93-09. The par value is $1000 with 6% coupon rate ( SEMI-ANNUAL payment), and the maturity is 20 years. Please calculate the implied annual interest rate inherent in this contract.

A. -6.229%

B. -6.330%

C. -6.497%

D. -6.550%

E. 6.610%

4. The exchange rate of the Chinese Yen is $0.138313/Yuan. If the Yuan appreciates against the $ by 25.0% tomorrow, how many Yuan can one U.S. dollar buy then?

A. -8.022 yuan

B. -7.551 yuan

C. -6.025 yuan

D. -5.784 yuan