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29. In a Treasury auction of 3 billion 91-day T-bills, the following bids were submitted: Bidder 1 bid for $500 million at price 99.34; Bidder
29. In a Treasury auction of 3 billion 91-day T-bills, the following bids were submitted: Bidder 1 bid for $500 million at price 99.34; Bidder 2 bid for $750 million at price 98.99; Bidder 3 bid for $1.5 billion at price 99.33 (not 99.32 as before!); Bidder 4 bid for $1 billion at 99.32; and Bidder 5 bid for $300 million at 99.45. Assume there is 0.7 billion non-competitive bids, which of the following statement is true Select one: O a. The above T-bills have face value of $100. O b. Bidder 2 is likely to be an individual investor as the price is the lowest. O c. All bidders pay the price they bid. O d. bidder 4 will receive allocation. O e. none of the above is true. 30. In a Treasury auction of 3 billion 91-day T-bills, the following bids were submitted: Bidder 1 bid for $500 million at price 99.34; Bidder 2 bid for $750 million at price 98.99; Bidder 3 bid for $1.5 billion at price 99.32; Bidder 4 bid for $1 billion at 99.32; and Bidder 5 bid for $300 million at 99.45. Assume there is 0.7 billion non-competitive bids, which of the following statement is true Select one: O a. The final price will be decided by all the bidders, including both competitive bids and non-competitive bids. O b. The final price will be 99.45. O c. The final price will be 99.34. O d. The final price will be 99.32. O e. Everyone pay for their bidding price
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