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If the Treasury bond futures price is 99-12, which of the following bonds is cheapest to deliver? Bond Price Conversion Factor 1 99-05 0.911 2

If the Treasury bond futures price is 99-12, which of the following bonds is cheapest to deliver?

Bond	Price	Conversion Factor
1	99-05	0.911
2	111-01	1.029
3	135-08	1.387

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