A company earns $20 million in taxable income, pays a constant corporate tax rate of 30%, and adopts a 100% payout ratio policy. Assuming that equity holders have an average personal income tax rate of 45% and that they fully utilize their franking credits, how much greater will equity holders' total after-tax income be under an imputation tax system relative to a classical tax system?

A. $5.00 million

B. $0: the after-tax income will be the same under imputation and classical tax system.

C. $3.30 million

D. $3.00 million

E. $2.75 million