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Suppose the Federal Reserve auctions $100 million of 10-year notes. The competitive bids are A: $40...

Suppose the Federal Reserve auctions $100 million of 10-year notes. The competitive bids are A: $40 million at 4.6%, B: $20 million at 4.7%; C: $40 million at 4.8%, where the yields above are quoted on a bond equivalent basis (BEY). Noncompetitive offer total $2 million. Calculate coupon rate, sale price (for $100,000 of maturity value), and total revenue for the Treasury. (The coupon rate is set by approximating the stop-out yield to the lower 8th of a percentage point.)

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