Alex purchased his condo seven years ago. He withdrew $34,984 using the RRSP First Time Home Buyers Plan to help with the down payment. Now it is February, the deadline for making an RRSP contribution, and he is out of funds as he lost his job in December. Assume his last year's income puts him in the 30% marginal tax bracket. How much does he need to contribute for his RRSP HBP repayment by the end of February to avoid paying 30% tax on the amount?
a) $10,495.20
b) $12,397.60
c) $13,484.60
d) $15,986.20
