The maximum amount an individual can contribute to her Registered Retirement Savings Plan (RRSP) for a year is set from time to time by the Regulations of the Income Tax Act. For the year 2010, the maximum contribution was the lesser of $22,000 or 18% of the individual's "earned income" during 2009. What was the lowest amount of earned income for 2009 at which an individual could make a $22,000 contribution in 2010? (Round to the nearest dollar.)

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The Answer of The maximum amount an individual can contribute to her Registered Retirement Savings Plan (RRSP) for a year is set from time to time by the Regulations of the Income Tax Act. For the year 2010, the maximum contribution was the lesser of $22,000 or 18% of the individual's "earned income" during 2009. What was the lowest amount of earned income for 2009 at which an individual could make a $22,000 contribution in 2010? (Round to the nearest dollar.)

The Maximum Amount an Individual Can Contribute to Her Registered