The Table Above Lists the Independent Private Values of Five

Multiple Choice

The table above lists the independent private values of five participants in an auction. Each of the bidders only knows their o value and does not know the private values of the other participants.
-Refer to the table above. Recall that the bidders only know their own private value of the item and they do not know the other participants' private values. Further, assume each participant will submit bids using their optimal strategy. If the participants are bidding in an English auction and the auctioneer sets the opening bid $6 million and increases the bids by $0.25 million until no one submits a higher bid, Bidder_______ wins the auction and pays_______ .

A) #3; $10 million
B) #3; $9.75 million
C) #5; $9.25 million
D) #5; $9.5 million