In a Treasury auction of $2.7 billion par value 91-day T-bills, the following bids were submitted:

If the Treasury also received $750 million in non-competitive bids, who will receive T-bills?, in what quantity?, and at what price?

Bidder Bid Amount Price per $100 1 2 3 4 5 $500 million $750 million $1.5 billion $1 billion S600 million $99.40 $99.01 $99.25 $99.36 $99.39