The Government of Canada is issuing $1.25 billion fixed-coupon marketable bonds. The table below lists the competitive bids from government securities distributors. The Government is awarding $30 million of the bond issue to the non-competitive bidders. Calculate how much each competitive bidder will receive.

Bidder Competitive Bid Yield Size 1 4.021% $250 million 2 4.026% $250 million 3 4.033% $250 million 4 4.044% $250 million 5 4.051% $250 million 6 4.062% $250 million

a. The first 4 bidders will receive $250 million each and the 5th bidder will receive $220.

b. The first 5 bidders will receive $250 million each.

c. The first bidder will receive $220 million and the next four bidders will receive $250 million each.

d. The first 5 bidders will receive $244 million each.