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Suppose that a Treasury bond futures contract's quoted price is 9 9 - 1 5 . Which of the following three bonds is cheapest to

Suppose that a Treasury bond futures contract's quoted price is99-15.
Which of the following three bonds is cheapest to deliver?
Bond spot price and conversion factor
a. Bond 3
b. Every bond is CTD
c. Bond 2
d. Bond 1
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