Question
In a Treasury auction of $2.5 billion par value 91-day T-bills, the following bids were submitted: Bidder Bid Amount Price per $100 1 $500 million
In a Treasury auction of $2.5 billion par value 91-day T-bills, the following bids were submitted:
Bidder | Bid Amount | Price per $100 |
1 | $500 million | $99.40 |
2 | $750 million | $99.01 |
3 | $1.5 billion | $99.25 |
4 | $1 billion | $99.36 |
5 | $600 million | $99.39 |
If the Treasury also received $750 million in non-competitive bids, who will receive T-bills, in what quantity, and at what price?
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Financial Markets and Institutions
Authors: Frederic S. Mishkin, Stanley G. Eakins
8th edition
013342362X, 978-0133423624
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