In a new auction of 5-year notes, the Treasury announces they wish to sell $25B face value of new instruments. The general public submits non-competitive bids for these new notes in the aggregate amount of $8B. The primary government securities dealers submit bids in an aggregate amount of $38B with the following competitive bid yields submitted to the Treasury’s dealer desk:

Bidding	dealer amount bid	Bid yield (%)
A	$4B	4.38%
B	$5B	4.42%
C	$6B	4.45%
D	$7B	4.49%
E	$10B	4.52%
F	$6B	4.54%

4. What is the stop-out yield for this auction? At what coupon rate will the new notes be issued?

5. If you submitted a non-competitive order to buy ten of these notes for your own account, how much in funds will be debited from your account?

6. What are the aggregate total issuance proceeds the Treasury will receive from this auction?

7. What is the bid-to-cover ratio for this auction?