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Assume the Bureau of Fiscal Service of the U . S . Treasury plans to issue $ 1 0 0 million of 2 6 -

Assume the Bureau of Fiscal Service of the U.S. Treasury plans to issue $100 million of 26-week Treasury Bills using a Dutch auction system. They received $20 million in non- competitive bids. They also received the following competitive bids:
a. $250,000 at 4.1%
b. $300,000 at 3.9%
c. $35,000,000 at 3.8%
d. $20,000,000 at 3.7%
e. $15,000,000 at 3.6%
What rate will the U.S. Treasury pay for this issue of T-Bills?

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