Which of the following statements regarding the auction of Treasury bills is most accurate?

Investors are guaranteed to receive the dollar amount $($up to the maximum bid limit$)$ but must accept

the discount rate that is determined under noncompetitive bidding.

All competitive bids are filled before noncompetitive bids.

In noncompetitive bidding, investors are obligated to accept the lowest discount rate.

In competitive bidding, investors will never be subject to proration.