[单选题]

Consider a U.S. Treasury bond futures contract where the hypothetical deliverable bond has a coupon of 3.0%. At expiration of the futures contract, the short chooses to deliver a bond with a coupon of 3.8%. The conversion factor of this bond is most likely:

A.Equal to 1.

B.Less than 1.

C.Greater than 1.

参考答案与解析: