igs plan. Then, consider the following scenario. John Smith's Scenario John is single living in Brooklyn, and he works at the XYZ company as a webpage designer. His annual salary is $75,000 a year. His company offers a 401k retirement savings benefit and it matches up to 6% of the participating employee's salary. John wants to participate in the program because it gives many benefits including that additional 6% money toward his retirement savings. He wants to figure out what amount would maximize his tax benefits and the company's match. He needs at least $2,300 per month for his living expenses. Suppose that you are his CFA. How much annual 401K contribution would you suggest to him? Present your solution on a one-page report with your explanation of how you arrived at that conclusion. Note that this homework DOES NOT require any solutions from Excel yet. You may use it, however, it is not necessary to figure out the contribution. We will build the Excel 401K application in the next lesson