Jorginho graduated from Concordia two years ago and remembers from his Personal Finance course to join a company pension plan as soon as possible to take advantage of employer contributions.

Jorginho works at Morgan Stanley and has been part of their Defined Contribution Pension Plan

$($DCPP$)$ since January $1,2022.$ In $2022,$ Jorginho made monthly contributions of $$750$ which the company also matched. Jorginho is now wondering what his Registered Retirement Savings Plan $($RRSP$)$ contribution limit would be for $2023.$ In $2022$ his gross annual salary was $$123,000$ while his gross annual salary for $2023$ is $$135,000.$ Ignore carry$-$forward amounts.

The formula for $2023$ is:

The lower of:

$18\%$ x the previous year's earned income or $$30,780($Money Purchase Limit$)$

Less:

Previous year's Pension Adjustment

Equals:

Contribution Limit for $2023$

Select one:

$$ a$.$ $$4,140$

$$ b$.$ $$13,140$

O c$.$ $$30,780$

Od$.$ $$22\mathrm{.}140$

Oe$.$ $$15,400$