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Suppose the total public offering of an auctioned T-bill is $11 billion. The total amount of noncompetitive bids is $2 billion. There are 4 competitive

Suppose the total public offering of an auctioned T-bill is $11 billion. The total amount of noncompetitive bids is $2 billion. There are 4 competitive bids with yield and amount bid as below:

NAME YIELD BID AMOUNT BID

Bidder 1 2.995% $ 3.5 billion

Bidder 2. 2.996% $ 3.5 billion

Bidder 3 2.997% $3.0 billion

Bidder 4 2.998% $3.0 billion

a) What is the stop-out yield?

b) What is the amount allocated to noncompetitive bidders and each competitive bidder?

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