Which of the following statements regarding Treasury bills are most accurate?

1.Non-competitive bids determine the yield at any given auction.

2.Competitive bids determine the yield at any given auction.

3.Non-competitive bidders are guaranteed to have their orders filled up to the auction maximum.

4.Competitive bidders are guaranteed to have their orders fully filled.

5.Regardless of their actual bid, all purchasers, whether competitive or non-competitive bidders, receive the highest accepted bid yield at a given auction.

a.1, 3 and 4.

b.1, 3 and 5.

c.2, 3 and 5.

d.2, 4 and 5