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(a) The US Government wanted to auction $700 million worth of 1-year Treasury Bills. Bids for $100 million worth of Treasury Bills were submitted on
(a) The US Government wanted to auction $700 million worth of 1-year Treasury Bills. Bids for $100 million worth of Treasury Bills were submitted on a non-competitive basis. Institution Amount Bidded Yield Bank 1 Bank 2 Bank 3 Bank 4 Bank 5 Bank 6 Bank 7 $100 m $75 m $150 m $50 m $100 m $100 m $150m 2.50% 2.25% 2.00% 1.75% 1.50% 1.25% 1.00% Based on the competitive bids submitted, describe, using a table, how you determine what Bank 4 will pay for their Treasury Bills
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