Certain Skills Are Necessary for Successful Tax Planning

Certain skills are necessary for successful tax planning.One of these skills is applying the time value of money.Which of the following is FALSE regarding this skill?

A) Applying the time value of money is a tool used for wealth accumulation.
B) If Cindy invests $1,000 at 8% and subsequently earns $48 in after-tax income on the investment at the end of the first year, Cindy's tax rate is 40%.
C) If Randy earns an annual return of 12% and is subject to a 40% tax rate, Randy's annual after-tax rate of return is 4.8%.
D) If Lou invests $1,000 for one year at a rate of return of 14% and is subject to a 45% tax rate, Lou's after-tax value of the interest will be $77.