Treasury bills are auctioned on a competitive and noncompetitive basis. Which of the following is correct? a. Competitive bidding - all competitive bids are filled before noncompetitive bids. b. Noncompetitive bidding - investors are guaranteed to receive the dollar amount (up to the maximum bid limit), but must accept the discount rate that is determined at auction. c. Both a and b. O d. Neither a nor b. Which of the following statements are true regarding taxation of Treasury notes and bonds? a. Notes and bonds are taxed differently than T-bills. b. Original issue discount tax rules apply. ( C. Interest income and capital gains are exempt from state and local taxes. d. Interest income and capital gains are exempt from federal taxes