Hi, This one is along the same vein as a previous question around terminology used to express rates. Question says a futures quote is for a three-month contract and is expressed with quarterly compounding...the price is 96. The answer says therefore, the interest rate is 4% convertible quarterly. I can see that 100 nominal - 96 = 4, divide that by 4 to 1% per quarter. Though how do I know from this wording that the 96 corresponds to 1yr
