Margaret owns land that appreciates at the rate of $5\%$ each year. Luis owns a zero$-$coupon $($i$.$e$.,$ all of the interest is paid at maturity$)$ corporate bond with a yield to maturity of $5\%.$ At the end of $10$ years, the bond will mature and the land will be sold. At the end of the $10$ years,

a$.$ Margaret will have accumulated the greater after$-$tax amount because the gain on the land is tax$-$exempt.

b$.$ Luis will have accumulated a greater after$-$tax amount because the interest on the bond is tax$-$exempt.

c$.$ Margaret and Luis will have accumulated the same after$-$tax amounts.

d$.$ Margaret will accumulate the greater after$-$tax amount because she earns a return on the deferred taxes.