If T₀ Is the Tax Rate in Year 0,t_n Is

Multiple Choice

If t₀ is the tax rate in Year 0,t_n is the tax rate in Year n,and ATA is after-tax accumulation,then which one of the following does not hold true?

A) if t₀ = t_n,ATA per Exempt Model = ATA per Pension Model
B) if t₀ > t_n,ATA per Exempt Model < ATA per Pension Model
C) if t₀ < t_n,ATA per Exempt Model > ATA per Pension Model
D) if t₀ > t_n,ATA per Exempt Model > ATA per Pension Model