Question
In a Treasury auction of $2.1 billion par value 91-day T-bills, the following bids were submitted: Bidder Bid Amount Price 1 $500 million $0.9940 2
In a Treasury auction of $2.1 billion par value 91-day T-bills, the following bids were submitted:
| Bidder | Bid Amount | Price |
| 1 | $500 million | $0.9940 |
| 2 | $750 million | $0.9901 |
| 3 | $1.5 billion | $0.9925 |
| 4 | $1 billion | $0.9936 |
| 5 | $600 million | $0.9939 |
If only these competitive bids are received, who will receive T-bills, in what quantity, and at what price?
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Ship Finance Credit Expansion And The Boom Bust Cycle
Authors: Peter Stokes
2nd Edition
1859781055, 9781859781050
