Consider a futures contract for the delivery of a two-period bond with M=100 in one period from today. There are four deliverable bonds: A, B, C, and D. The prices and conversions factors of these four bonds on the delivery date are P(A)=100, conversion factor(A)=1.05;  P(B)=105, conversion factor(B)=1.04;  P(C)=103, conversion factor(C)=1.04;  P(D)=99, conversion factor(D)=0.98. Which one of the above four bonds will be delivered?

	A.	Bond D
	B.	Bond A
	C.	Bond C
	D.	Bond B

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