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If the treasury also received 750 million in noncompetitive

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In a Treasury auction of $2.5 billion par value 91-day T-bills, the following bids were submitted:

Bidder

Bid Amount

Price

1

$500 million

$0.9940

2

$750 million

$0.9901

3

$1.5 billion

$0.9925

4

$1 billion

$0.9936

5

$600 million

$0.9939

(a) If only these competitive bids are received, who will receive T-bills, what quantity, and at what price?

(b) If the Treasury also received $750 million in noncompetitive bids, who will receive T-bills, what quantity, and at what price?

Reference no: EM13485636

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