You landed a great job that includes comprehensive employment benefits. Your early career average salary is $75,000. Retirement benefits consist of a 401(k) plan of which your employer provides a 50% match on what you contribute up to 6% of your salary. You contribute 6%. The human resource representative has provided you with a brochure and web information on the various mutual funds available for investment with your employer's retirement plan fund sponsor. 1-Based on information provided above, how much is the total annual contribution to your 401(k) plan? 2-How much will you have in 40 years assuming an 8% annualized rate of return and that you are paid twice per month (w/employer match contributions also provided in each paycheck)? This is a time value of money problem. In addition to your answer, share your inputs for N, I, PMT, PV and FV. 3- Do some research about 401 (k) plans and address the following: a) What is the maximum contribution an employee can make to his or her 401(k) plan in 2023? Answer is in dollars. b) What is the maximum contribution an employee and employer combined can make to one's 401 (k) plan in 2023 ? Answer is in dollars. c) Identify TWO of the potential challenges one should be aware of relative to a 401(k) plan? Answer in 1 - 2 sentences