In a Treasury auction of $2.1 billion par value 91-day T-bills, the following bids were submitted:
Bidder Bid Amount Price
1 $500 million $0.9940
2 $750 million $0.9901
3 $1.5 billion $0.9925
4 $1 billion $0.9936
5 $600 million $0.9939
If only these competitive bids are received, who will receive T-bills, in what quantity, and at what price?