I suggest you carefully distinguish the quotation rules and settlement rules of interest rate futures, which are obviously different. In the financial market, the quotation method of interest rate futures is 100 minus the interest rate of the previous year (the so-called annualized interest rate is to convert the rate of return in a certain period into the annual rate of return), and the contract value settlement of interest rate futures is as follows: contract size *[ 100-( 100- interest rate futures quotation) * annual period ]/66.

Because the title gives the annualized interest rate of Eurodollar contract, it does not need to be divided by 4. The first question asks the spot issue price of national debt, which is not applicable to the quotation rules of interest rate futures, but actually applies to the settlement rules of interest rate futures.