E-Furniture used the Dutch auction system to sell its IPO. It wanted to sell 10 million shares and received the following bids from investors.

Bidder Bid Shares

1 $40 2 million

2 $37 7 million

3 $36 2 million

4 $34 10 million

17. What price was charged from the successful bidders?

A. $40

B. $37

C. $36.50

D. $36