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Stock prices are quoted in dollars and cents. (e.g., AAPL $153.22 at 2 p.m. on 9/15, Yahoo Finance.) Term bonds are quoted as a percentage

Stock prices are quoted in dollars and cents. (e.g., AAPL $153.22 at 2 p.m. on 9/15, Yahoo Finance.) Term bonds are quoted as a percentage of par (e.g. GT10:GOV 94.22 2 p.m. 9/15, Bloomberg.) The coupon rate on this particular bond is 2.75% and the yield was 3.44% on that day at that time. Treasury bonds can be quoted as a percentage of par and in 32nds of a dollar instead of pennies. 93 16 is a Treasury bond whose price is $930.50. Explain.

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