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 99.33; 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 above T-bills have face value of $100.

b. Bidder 2 is likely to be an individual investor as the price is the lowest.

c. All bidders pay the price they bid.

d. bidder 4 will receive allocation.

e. none of the above is true.