LaMont International would like to sell 1,000 shares of stock using a Dutch auction. The bids received are as follows:

Bidder Quantity Price

A 200 $31

B 500 $29

C 600 $28

D 1,000 $27

E 1,200 $26

Ignoring flotation costs, the total value the firm will receive is:

a. $27,000.

b. $27,400.

c. $28,000.

d. $29,100.

e. $31,000.