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Suppose the Treasury is offering $8 billion worth of 10-year notes to competitive bidders in a Treasury auction, and the competitive bids submitted are: Submitted

Suppose the Treasury is offering $8 billion worth of 10-year notes to competitive bidders in a Treasury auction, and the competitive bids submitted are:

Submitted yield (%) 1.2 1.4 1.8 2.0 2.2

Submitted amount ($billions) 2.0 2.5 4.5 6.0 8.0

a) What will be the coupon rate?

b) What will be its price? Express as a percentage of par to 2 decimal places.

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