In an auction for a companys 5-year bonds the demand for funds is $180 million. The following bids were submitted: Bidder Bid Amount Bid Price A $60M $930 B $80M $870 C $70M $890 D $90M $910 E $50M $850 1) Who will be buying the bonds? 2) In what quantities? 3) What coupon rate will the bonds have?

The correct answers are 1) Bidders A, D and C, 2) $60M, $90M and $30M, respectively, 3) 4.30%. Can you please show me how to get their by using a financial calculator?