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In a Treasury auction of $2.1 billion par value 91-day T-bills, the following bids were submitted: What is the clearing price of this auction? How
In a Treasury auction of $2.1 billion par value 91-day T-bills, the following bids were submitted:
What is the clearing price of this auction?
How much does bidder 4 receive?
| Bidder | Bid Amount ($ millions) | Price per $100 |
| 1 | 500 | 99.40 |
| 2 | 750 | 99.01 |
| 3 | 1,500 | 99.25 |
| 4 | 1,000 | 99.36 |
| 5 | 600 | 99.39 |
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Foundations Of Financial Management
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen
17th Edition
126001391X, 978-1260013917
