3. The US Treasury has decided to issue $1bn worth in ten-year debt. There are cur- rently 4 primary dealers that will help in distributing the issue via competitive bids. There are total of $100mn in non-competitive bids. The table below lists each dealer's bid: Bidder Bid (%) Quantity ($mn) N 2 400 3 200 JP Morgan UBS RBC Bank Goldman Sachs 2.2 300 2.5 400 How many bonds (in $mn) does each dealer get? Ignore the 35% limit on compet- itive bids. What would you expect the coupon rate of the ten-year issue to be near? Explain your reasoning