Kathy is 60 years of age and self-employed. During 2018 she reported $508,000 of revenues and $102,000 of expenses relating to her self-employment activities. If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to a simplified employee pension (SEP) IRA for 2018? (Round your final answer to the nearest whole number)

a. $55,000

b. $61,000

c.$78,521

d.$374,941