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The Treasury Department would like to raise $24 billion in 90 day T Bills. The auction results are as follows: Noncompetitive bids = $3.4 billion

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The Treasury Department would like to raise $24 billion in 90 day T Bills. The auction results are as follows: Noncompetitive bids = $3.4 billion Competitive Bids: Investor Bid Price Quantity(Face Value) A 99.94677% $7.8 billion 99.97567% B $5.8 billion 99.95668% $5.2 billion 99.96997% D $3.2 billion E $8.6 billion 99.95112% What is the stop-out price? 99.95668% 99.96997% 99.95112% 99.97567% 99.94677%

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