Research 401K retirement savings plan. Then, consider the following scenario. John Smith's Scenario John is single 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 benefit 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? Explain your rationale for that suggestion