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3.) The Treasury auctioned $2 billion par value of 91 -day T-bills and the following bids were received: Bidder 1 bid for $500 million at

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3.) The Treasury auctioned $2 billion par value of 91 -day T-bills and the following bids were received: Bidder 1 bid for $500 million at $0.9947 Bidder 2 bid for $500 million at $0.9903 Bidder 3 bid for $500 million at $0.9891 There were also $900 million of noncompetitive bids received. What is the outcome of this auction? A) Bidder 1 receives $500 million at $0.9947. Bidder 2 receives $500 million at $0.9903. Bidder 3 receives nothing. B) Bidder 1 receives $500 million at $0.9947. Bidder 2 receives $500 million at $0.9903. Bidder 3 receives $100 million at $0.9891. C) Bidder 1 receives $500 million at $0.9891. Bidder 2 receives $500 million at $0.9891. Bidder 3 receives $100 million at $0.9891. D) Bidder 1 receives $500 million at $0.9903. Bidder 2 receives $500 million at $0.9903. Bidder 3 receives $100 million at $0.9903

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