The more detail on what you are doing in why and the which equations you are using would be amazing.

In a treasury auction of $2.1 billion par value 91-day T-bills, the following bids were submitted

BidderBid AmountPrice per $100

1500 million99.40

2750.0 million99.01

31.5 billion99.25

41.0 billion99.36

5600 million99.39

a. If only these competitive bids were received, who will receive T-bills, in what quantity and at what price?

b. If the treasury also received $750 million in non-competitive bids, who will receive T-bills, in what quantity and at what price?

Calculate the price of a bond that matures in 8 years, has a face value of $5,000, and has a coupon rate of 2% (paid semiannually) if the market interest rate is 1%. What is the price of the bond if the market interest drops to 0.5%.