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In a Treasury auction of $5.0 billion of 28-day T-bills, the following bids were submitted. $2.5 billion is reserved for non-competitive bids. Bidder Bid Amount

In a Treasury auction of $5.0 billion of 28-day T-bills, the following bids were submitted. $2.5 billion is reserved for non-competitive bids.

Bidder

Bid Amount

Price / $100

1

$800 million

$99.40

2

$1.50 billion

$99.79

3

$1.25 billion

$99.65

4

$800 million

$99.89

5

$1.25 billion

$99.35

If only these competitive bids are received, what is the price offered to non-competitive bids? [Enter the value WITHOUT a leading $ sign].

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