The equation given is \( c - 0.05c = P \).
This can be simplified to:
\[ P = c(1 - 0.05) = c \times 0.95 \]
This means that the number of oranges harvested this year, \( P \), is 95% of the amount harvested by Jake last year, \( c \).
Therefore, the correct interpretation is:
C. P is 95% of the amount harvested by Jake last year.