How much would you have to pay for a U.S. Government bond ($1,000 maturity value) scheduled to mature in February 2020 and quoted at 118:07 "bid" and 118:15 "asked"?

Name: How much would you have to pay for a U.S. Government bond ($1,000 maturity value) scheduled to mature in February 2020 and quoted at 118:07 "bid" and 118:15 "asked"?
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Question

Quizplus · Accepted Answer

The "asked" price is 118:15, which means 118 and 15/32 percent of the $1,000 maturity value. This calculates to $1,184.69.

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