The Treasury auctioned $1.2 billion par value 91-day T-bills, receiving the above bids. $200m in noncompetitive bids

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The Treasury auctioned $1.2 billion par value 91-day T-bills, receiving the above bids. $200m in noncompetitive bids were also submitted.

What is the total par value of the T-bills purchased by bid 4?

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Fundamentals of Investments, Valuation and Management

ISBN: 978-1259720697

8th edition

Authors: Bradford Jordan, Thomas Miller, Steve Dolvin

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Posted Date: Apr 18, 2023 01:57 AM

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The Treasury auctioned $1.2 billion par value 91-day T-bills, receiving the above bids. $200m in noncompetitive bids

Question:

Bidder 1 2 3 4 Bid Amount $400m $250m $500m $386m Bid Price $0.991 $0.992 $0.989 $0.990 Bidder 1 2 3 4 Bid Amount $400m $250m $500m $386m Bid Price $0.991 $0.992 $0.989 $0.990

Expert Answer:

ANSWER To calculate the total par value of the Tbills purchased by bidder 4 we first need to ... View the full answer

Fundamentals of Investments, Valuation and Management

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