Air North Island would like to sell 4,000 shares of stock to acquire its competitor Air South Island. The manager decides to use Dutch auction underwriting. The bids received are:

Bidder		Quantity				Price
A			1100			$	29.40
B			900				29.05
C			1,450				28.90
D			1,550				28.55
E			1,750				28.35

The underwriter advises bidder B that its offer is accepted. How much should bidder B pay for the allocated shares?

a. 20,453

b. 20,556

c. 22,765

d. 24,915