In a Treasury auction of $2.1 billion par value 91-day T-bills, the following bids were submitted: Bidder
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In a Treasury auction of $2.1 billion par value 91-day T-bills, the following bids were submitted:
Bidder Bid Amount
($ million)
Price per
$100 1 500.0 99.40 2 750.0 99.01 3 1.5 99.25 4 1.0 99.36 5 600.0 99.39 If only these competitive bids are received, who will receive T-bills, in what quantity, and at what price?
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Related Book For
Financial Markets And Institution
ISBN: 9781292459547
10th Global Edition
Authors: Frederic Mishkin, Stanley Eakins
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