The Pension Model Has All of the Following Characteristics Except

Multiple Choice

The Pension Model has all of the following characteristics except for

A) before-tax dollars are invested.
B) the annual earnings on the investment grow at the before-tax rate of return.
C) only the accumulated earnings are taxed at the end of the investment horizon when the investor cashes out of the investment.
D) the entire accumulation is taxed at the end of the investment horizon when the investor cashes out of the investment.