Assume that you have sold a 10 year futures contract with a price of 105-23 (105+15/32) = $105.46875. The following bonds are available to deliver: Bond 1: $100 par, coupon = 8%; time to maturity: 7 years; YTM: 5% Bond 2: $100 par; coupon = 5%; time to maturity: 6.5 years ; YTM: 4.5% Bond 3: $100 par, coupon = 9%; time to maturity: 9 years; YTM: 6% Bond 4: $100 par; coupon = 10%; time to maturity: 8 years: YTM: 5.5% Bond Price as a decimal Conversion Factor 1 $117.54 1.1130 2 $102.79 0.9468 3 1.2063 $120.63 $128.81 4 1.2512 For each bond, calculate the gain or loss from delivering it against the futures contract Bond 1 gain or loss: Bond 2 gain or loss: