What price was quoted to an investor who paid $982.50 for a $1,000 par value bond?

Name: What price was quoted to an investor who paid $982.50 for a $1,000 par value bond?
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Question

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The quoted price of a bond is typically expressed as a percentage of its par value. The investor paid $982.50 for a $1,000 par value bond, which means the price is 98.25% of the par value. In bond pricing, this is quoted as 98:08, where 08 represents 8/32 of a point, equivalent to 0.25.

What Price Was Quoted to an Investor Who Paid $982