An analyst has been asked to calculate the theoretical futures price for a Treasury bond futures contract without any convexity adjustment. It is a 3-month Eurodollar futures contract, $25 movement per "tick", or basis point. The contract is a $1 million contract. If the quoted price for the Eurodollar futures price is 97.1, what is the theoretical price?

Contract price = 10,000 [100 - (0.25)(100.0 - 97.1)] = 992,750

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