Augustus owns five activities. He elects not to group them together as a single activity under the "appropriate economic unit" standard. He participates for 140 hours in Activity A, 165 hours in Activity B, 100 hours in Activity C, 85 hours in Activity D, and 196 hours in Activity E. Which of the following statements is correct? a. Activities A, B, C, D and E are all significant participation activities. b. Activities A, B, C, and E are all significant participation activities. c. Augustus is a material participant with respect to Activities A, B, and E only. d. Augustus is a material participant with respect to Activities A, B, C, D, and E. e. None of the above