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S. In a Treasury auction of $2 1 billion par value 91-day T-bills, the following bids were submited: Price Amount ($ per Bidder million) $100

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S. In a Treasury auction of $2 1 billion par value 91-day T-bills, the following bids were submited: Price Amount ($ per Bidder million) $100 99.4 99.01 99.25 1.5 99.36 99.39 Bid 600 750 500 If only these competitive bids are received, who will receive T-bills, in what quantity, and at what price? If the Treasury also received $750 million in non- competitive bids, who will receive T-bills, in what quantity, and at what price? (Refer to the table in problem 5.) 6

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