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A Treasury bond futures contract settled at 97'16. a. Calculate the present value of one futures contract? b. Are current market interest rates higher or

"A Treasury bond futures contract settled at 97'16."

a. Calculate the present value of one futures contract?

b. Are current market interest rates higher or lower than the standardized rate on a futures contract? Explain.

c. Calculate the implied annual interest rate on the futures contract.

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