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. ( $ 22,140 ) b. ( $ 30,780 ) c. ( $ 15,400 ) d. ( $ 4,140 ) e. ( $ 13,140 )

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. $22,140 b. $30,780 c. $15,400 d. $4,140 e. $13,140