In a Treasury auction of 3 billion 91-day T-bills, the following bids were submitted: Bidder 1 bid for $500 million at price 99.34; Bidder 2 bid for $750 million at price 98.99; Bidder 3 bid for $1.5 billion at price 99.32; Bidder 4 bid for $1 billion at 99.32; and Bidder 5 bid for $300 million at 99.45. Which of the following statement is true regarding the allocation of shares, assume there is no non-competitive bids

Select one:

a. The final price will be 99.34

b. The final price will be 99.32

c. The final price will be 99.45

d. The final price will be the average of 99.32, 99.34, and 99.45

e. Every bidder pay their offer price