Steve Grayson, is self-employed age 43. He has established a SEP-IRA for himself several years ago. In 2019, Steve had a $1,000 excess contribution to his SEP-IRA. In 2020. his net earnings from the business are $80,000. He uses the maximum contribution rate for his SEP-IRA account. What amount would Steve's contribution be for 2020.

a.) $14,870

b.) $0

c.) $13,870

d.) $57,000