Problem $2.(12$ pts$)$

The following bonds are deliverable to the $5$ year Treasury note futures contract. The futures price is $$116\mathrm{.}56.$ Determine the gross basis and the invoice price for each bond. Which bond is the cheapest$-$todeliver $($CTD$)$ using gross basis? Assume the par amount is $$100.$

$\backslash$table$[[$BOND$,\backslash$table$[[$CLEAN PRICE$],[($$$)]],\backslash$table$[[$CONVERSION$],[$FACTOR$]],\backslash$table$[[$ACCRUED$],[$INTEREST$($$$)]],$GROSS BASIS,$\backslash$table$[[$INVOICEPRICE$],[($$$)]]],[$A$,103\mathrm{.}16,0\mathrm{.}887,1\mathrm{.}4,,],[$B$,88\mathrm{.}97,0\mathrm{.}761,0\mathrm{.}8,,]]$