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The US Treasury is conducting an auction for $1.8 billion of 90-day US Treasury Bills. What is the market-clearing price based on the following competitive bids? Firm Lubar & Co Bolton Trading Lehman Brothers Goldman Sachs Spellman and Fisher Amount ($ in millions) $700 $500 $600 $300 $450 Price $0.9932 $0.9941 $0.9937 $0.9930 $0.9936

The US Treasury is conducting an auction for $1.8 billion of 90-day US Treasury Bills. What is the market-clearing price based on the following competitive bids? Firm Lubar & Co Bolton Trading Lehman Brothers Goldman Sachs Spellman and Fisher Amount ($ in millions) $700 $500 $600 $300 $450 Price $0.9932 $0.9941 $0.9937 $0.9930 $0.9936

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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The US Treasury is conducting an auction for $1.8 billion of 90-day US Treasury Bills. What is the market-clearing price based on the following competitive bids? Firm Amount ($ in millions) Price Lubar & Co $700 $0.9932 Bolton Trading $500 $0.9941 Lehman Brothers $600 $0.9937 Goldman Sachs $300 $0.9930 Spellman and Fisher $450 $0.9936
Transcribed Image Text:The US Treasury is conducting an auction for $1.8 billion of 90-day US Treasury Bills. What is the market-clearing price based on the following competitive bids? Firm Amount ($ in millions) Price Lubar & Co $700 $0.9932 Bolton Trading $500 $0.9941 Lehman Brothers $600 $0.9937 Goldman Sachs $300 $0.9930 Spellman and Fisher $450 $0.9936
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