On September 6, 2016 the U.S. Treasury auctioned $36 billion face value 26-week (182-day) Treasury bills. The U.S. Treasury received non-competitive bids totaling $530 million. Suppose that the U.S. Treasury received the following competitive bids:
$5 billion at 0.475%
$6 billion at 0.470%
$7 billion at 0.465%
$6.5 billion at 0.460%
$6 billion at 0.455%
$5 billion at 0.450%
$5 billion at 0.445%
What is the corresponding price (as a percent of face value – round to 6 decimal places)? What is the corresponding investment yield? What price is paid by the non-competitive bidders?