Suppose you sell a Treasury bond futures contract at a price of 98 percent of the face value, $100,000. What is your obligation when you purchase this futures contract?

Select one:

a. You are obligated to take delivery of a $100,000 face value 15-year Treasury bond at a price of $98,000 at contract maturity.

b. You are obligated to deliver a $100,000 face value 15-year Treasury bond at a price of $98,000 at contract maturity.

c. You are obligated to deliver a $100,000 face value 15-year Treasury.

d. You are obligated to take delivery of a $100,000 face value 15-year Treasury bond at a price of $95,000 at contract maturity.

e. None of the answers are correct