Consider three investors who need to partially liquidate investments to raise cash. In this case, all investments have been held for 3 or more years. Investor A waited for a $1,500 qualified dividend distribution from her mutual fund, and Investor B received $1,500 in interest income from a CD. However, because Investor C could not wait for a distribution, he decided to sell $1,500 of appreciated stock shares. Assuming no commissions, no sales charges, and no state income stock tax and a 25 percent-federal marginal tax bracket, which investment will provide the greatest after-tax amount? Would your answer change if all investors were in the 15 percent marginal tax bracket?