AVC Auctions (AVCA) has offered its 16.6 million shares in a Dutch Auction IPO. The following bids have been received: Bidder              Quantity                        Price      1                     4,150,000                      $ 25.60      2                     5,500,000                      $ 25.35      3                     7,000,000                      $ 25.00      4                     2,250,000                      $ 24.75 How many shares will Bidder 3 be able to purchase?                                                                                                      How much will Bidder 3 have to spend to purchase all of the shares that have been allocated to them?

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