3 ms·
Is it? The NY Fed site says it's 32nds of a dollar: > • Prices are quoted in 32nds of a dollar. > [...] Note and bond prices are quoted in dollars and fractio
by andreareina 7y ago
Is it? The NY Fed site says it's 32nds of a dollar:
> • Prices are quoted in 32nds of a dollar.
> [...] Note and bond prices are quoted in dollars and fractions of a dollar. By market convention, the normal fraction used for Treasury security prices is 1/32.
- jleahy 7y agoRight, but the price is about 100, not 1. If you had a price of 1.25 then you could represent this as a float as (binary) 1.01. However if you have 117.25 then that's (decimal) 1.83203125 * 2^-6. You can see how you quickly run out of bits.