A bond is priced at 99-16. What's that in decimal, and what does the '16' mean?

How to answer

99-16 means 99 and 16/32, i.e. 99.50. Treasury prices quote the handle plus 32nds, so the number after the dash is x/32. 16/32 = 0.50, so 99-16 = 99.50; 99-08 is 8/32 = 0.25, so 99.25. A trailing '+' adds a 64th, so 99-16+ = 99 + 16.5/32 = 99.515625.

Key idea: Treating the digits after the dash as cents (reading 99-16 as 99.16) instead of 32nds.