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. Assume there is 0.7 billion non-competitive bids, which of the following statement is true

Select one:

a. The final price will be decided by all the bidders, including both competitive bids and non-competitive bids.

b. The final price will be 99.45.

c. The final price will be 99.34.

d. The final price will be 99.32.

e. Everyone pay for their bidding price.