Question $3$

The US Treasury is conducting an auction for $$1\mathrm{.}6$ billion of $90-$day US Treasury Bills. What is

the market$-$clearing price based on the following competitive bids?

Question $4$

Using the information from the prior problem, please calculate the winning price, assuming

there is also a non$-$competitive bid of $$550$ million.

Question $5$

What is the effective annual yield implied by the price in the scenario with the competitive

bidder $($refer to Question $3)?$