问题如下：
The yield curve is upward sloping. You have a short T-bond futures position. The following bonds are eligible for delivery:
The futures price is 103-17/32 and the maturity date of the contract is September 1. The bonds pay their coupon semiannually on June 30 and December 31. The cheapest to deliver bond is:
选项：
A.Bond A
B.Bond C
C.Bond B
D.Insufficient information
解释：
ANSWER: B
The cost of delivering each bond is the price divided by the conversion factor. This gives, respectively, (102+14/32)/0.98 = 104.53, 103.49, and 103.34. Hence the CTD is bond C. All other information is superfluous.
Or we can use the complete method: cost= Bond price - Future price* conversion factor, and we can find choice B is the answer.
上课时讲的不是CTD=FP-CF-SPT么，怎么到题目答案里变成了CTD=price/CF？？？
按照上课讲的思路，比如bond A的cost of delivery=102.44*0.98=100.39，然后bond B=109.79，bond C=93.66 因为93.66成本最小 所以选Bond C，虽然按照price/CF算也是选C了，但这思路完全不一样啊？
