In a Treasury auction of $1.4 billion par value 91-day T-bills, the following bids were submitted:Bidder 1 bid for $750 million at Price $0.9911; Bidder 2 bid for $150 million at price 0.9914; Bidder 3 bid for $1 billion at price 0.9937; and Bidder 4 bid for $300 million at price 0.9939. If the Treasury also received $400 million in non-competitive bids, will bidder 3 receive T-bills? in what quantity, and at what price?

Select one:

a. No

b. Yes, 400 million, 0.9938

c. Yes, 0.7 billion, 0.9937

d. Yes, 100 million, 0.9937

e. All of the above is not right.