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In a Treasury auction of $1.6 billion par value, 28-day T-bills, the following bids were submitted 1) $250million $0.9939 2) $750million $0.9900 3) $1.5billion $0.9924

In a Treasury auction of $1.6 billion par value, 28-day T-bills, the following bids were submitted 1) $250million $0.9939 2) $750million $0.9900 3) $1.5billion $0.9924 4) $500million $0.9938 5) $500million $0.9916 6) $150million $0.9902 a)If these were competitive bids, who will receive T-bills and in what quantity and at what price? b)If the Treasury also received $650million in non-competitive bids, who will receive T-bills and in what quantity and at what price? c) If the Treasury received $2.3billion in non-competitive bids, who will receive T-bills and in what quantity and at what price?

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