How much will you bid for a $100 note?

Your friend invites you for a group dinner and requests the members to participate in an auction game.

Your friend announces that he will auction a one hundred dollar note. The bid amount will be in multiple of dollar five only. This auction is different since in this second highest bidder will also pay the amount he has bid, although he will not win. Example is given below.

Let us assume in the last round there are two players. Bidding has stopped and last bids are, A has bid thirty and B has bid thirty five dollar. In this example, your friend will pay sixty five dollars to B since he is the highest bidder and will get thirty dollars from A, who is the 2nd highest bidder. Hope the rules and results are clear.

Would you be willing to bid dollar five to start the auction?

Photo Adaptation/Flickr/Emilian Robert Vicol