The US Government wanted to auction $600 million worth of 1-year Treasury Bills. Bids for $100 million worth of Treasury Bills were submitted on a non-competitive basis.

Institution Amount Bidded Price Bank 1 $100 m 98.0 Bank 2 $50 m 97.5 Bank 3 $150 m 97.0 Bank 4 $50 m 96.5 Bank 5 $100 m 96.0 Bank 6 $100 m 95.5 Bank 7 $175 m 95.0

(a) Based on the competitive bids submitted, describe, using a table, how you determine the price: The stopped-out price The allocations to banks 4, 5 and 6