● The Federal Reserve announces an offering of Treasury bills with a face value amount of $25 billion. The response is $5 billion of noncompetitive bids, along with the following competitive bids:

Bidder Price Bid Quantity Bid A $9,500 $5 billion B 9,550 5 billion C 9,600 5 billion D 9,650 5 billion E 9,700 5 billion In a single-price auction, which bids are accepted and what prices are paid by each bidder? How much money is raised by the entire offering?