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Reading a cohort retention table

In a monthly cohort retention table, the January cohort shows 40% in the Month 3 column. What does this mean?

A.40% of all users were active in MarchB.40% of users who signed up in January were still active three months after signing upC.40% of January users churned in Month 3D.January revenue was 40% of Month 3 revenue

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Reading a cohort retention table

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