Question ID: 13722

Assume that $14.5 billion of five-year T-Notes are auctioned. The amount of non-competitive bids is $2.5 billion, and the amount of competitive bids is $31.5 billion. Suppose that of the competitive bids $11.5 billion are higher than the stop yield and the rest are at the stop yield. For the bidders at the stop yield, what is the proportion of their bids that they receive?

Proportion Received = ($14.5b - $2.5b) / ($31.5b - $11.5b) = 60.00%

谁帮我翻译一下，我理解不了，说的是什么东西，谢谢。