Use the Following Information to Answer the Question(s) Below

Use the following information to answer the question(s) below.
d'Anconia Copper has $200 million in cash that it can use for a share repurchase. Suppose instead that d'Anconia Copper invests the funds in an account paying 5% interest for one year. Assume that the corporate tax rate is 35%, the individual capital gains rate is 15% and the individual rate on ordinary income is 30%.
-Consider the following equation: P_retain = P_cum × The term τ_c in this equation represents:

A) the corporation's tax rate on interest income.
B) the investor's tax rate on interest income.
C) the investor's tax rate on cumulative dividends.
D) the investor's tax rate on capital gains.