The moment of inertia of a ring of mass \( M \) and radius \( R \) about an axis passing through the center of the ring and perpendicular to its plane is given by:
\[
I_{\text{center}} = MR^2
\]
However, the question asks for the moment of inertia about an axis passing through a tangential point. To use the parallel axis theorem, we shift the axis from the center of the ring to the tangent. The parallel axis theorem states:
\[
I_{\text{tangent}} = I_{\text{center}} + Md^2
\]
where \( d \) is the distance between the center and the tangent (which is \( R \) for a ring). Therefore:
\[
I_{\text{tangent}} = MR^2 + MR^2 = \frac{5MR^2}{2}
\]
Thus, the correct answer is \( \frac{5MR^2}{2} \).