An interest futures contract has a maturity of 1 year, and the holder of the short position can choose from a series of bonds which one to deliver at maturity. One of the deliverable bonds has a face value of 100, a conversion factor of 1.5, and pays a coupon of 6% (per annum) semi-annually at 4 and 10 months during the life of the futures contract. It existed 14 months prior to the start of the futures contract (and hence was paying coupons before as well) and will continue to exist for 8 years and 11 months. Its quoted price today is 105. The discount rate is a constant 3% with continuous compounding. What is the quoted futures price? I’m not sure how I can solve this , even If I believe I have understood the theory…