Suppose that during the delivery month the Treasury bond futures price is 103-08. The most recent settlement prices and

[answerhappygod]

Suppose that during the delivery month the Treasury bond futures
price is 103-08. The most recent settlement prices and conversion
factors of Bonds X, Y, and Z are given below. The Treasury bond
price is quoted in dollars and thirty-seconds of a dollar. The par
(or face) value of the bonds is $100. Which bond is cheapest to
deliver? The face value of the bonds is $100.
Bond
Price
Conversion Factor
X
132-16
1.2531
Y
148-24
1.4176
Z
143-08
1.3728