3.You are comparing two sequential T-bill auctions of similar offer amount sizes. The first one had a bid-to-cover ratio of 3.3 while the next one had a bid-to-cover ratio of 2.7. What can be said, either comparatively or in contrast, about these two auctions?

(A)The first auction had more interest from investors.

(B)The first auction likely had a higher stop-out rate.

(C)The second auction had more interest from investors.

(D)The second auction likely had more noncompetitive bids.

4.An overnight repurchase agreement has a party providing US Treasury securities for 98.5500 with a repurchase price of 98.5750. What is the repo rate? (Answer in percentage points to the third decimal, so 2.525% would be "2.525")