1. What are Treasury Strips? 2. What are the implications of this for debt instruments in general? 3. What does this mean for financial regulation?

4. How much would you pay for a Treasury bill that matures in 182 days and pays $10,000 if you require a 1.8% discount rate?

5. If the Treasury also received $750 million in non-competitive bids, who will receive T-bills, in what quantity, and at what price?