The US government announced an auction of $10 million in 43-day T-Bills. They received noncompetitive bids for

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The US government announced an auction of $10 million in 43-day T-Bills.
They received noncompetitive bids for $3 million
The competitive bids were as follows :
		Amount		Bid rates		Cumulative
Dealer A		$2 million		1.75%		2
Dealer B		$1 million		1.85%		3
Dealer C		$0.5 million		1.90%		3.5
Dealer D		$3 million		2.05%		6.5
Dealer E		$2.5 million		2.15%		9
Dealer F		$1.5 million		2.25%		10.5
Dealer G		$2.75 million		2.30%		13.25
Dealer H		$1.75 million		2.40%		15

Calculate at what interest rate will the auction be cleared?

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Cost Accounting A Managerial Emphasis

Cost Accounting A Managerial Emphasis

ISBN: 978-0133392883

6th Canadian edition

Authors: Horngren, Srikant Datar, George Foster, Madhav Rajan, Christ

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Posted Date: Feb 21, 2023 07:34 AM

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