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Problem 3: (5 points) Consider the bidders (A through 1) in the following table. Assume the total issue after noncompetitive tenders and nonpublic purchases is

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Problem 3: (5 points) Consider the bidders (A through 1) in the following table. Assume the total issue after noncompetitive tenders and nonpublic purchases is $700 million. Bidder Amount ($ millions) Bld 150 5.35% 70 5.40% 150 5.20% 200 5.15% 80 5.25% 100 5.30% 250 5.50% 100 5.35% 120 5.35% . (1) Create a new table to reorder the bidders from the lowest bid yield to the highest bid yield. (2) How to allocate the amount of issue to the bidders? (3) If the Dutch auction is conducted, what is the bid yield (also called high yield) of the auction

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