Assuming a tax rate of 30%, a nominal return of 9%, a savings period of 35 years, and an annual deposit of $10,000 into an RRSP, how much will a person have saved for retirement?

a. $2,157,107.55

b. $150,997.53.

c. none of the above.

If the answer is none of the above, please input the correct answer.

What is your recommendation regarding when the contributions should be made to the RRSP? Justify your answer using the time value of money