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What price will be paid for a U.S. Treasury Bond with an ask price of 135:20? I have the answer: 1,356.25 And the solution is

What price will be paid for a U.S. Treasury Bond with an ask price of 135:20?

I have the answer: 1,356.25

And the solution is 135(20/32) x 1000. But I dont understand the solution.

Thank you

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