NO.PZ2016082402000060
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 complete method:
minimize the cost [cost= Bond price - Future price* conversion factor], and we can find choice B(bond C) is the answer.
用spot price减去future price乘convensional factors
