2- A 14-year-old high school student wants to save money to buy a secondhand car for $6,000 when he obtains his driver's permit at age 16. He wants to know how much per month he should save from the allowance he receives from his rich father so that he will have enough money to buy the car. (He starts saving from the first month after his birthday.) His savings account at the local bank gives an interest rate of 6% per year compounded monthly. Please help him and solve the problem for him. If the bank uses the same annual rate but compounds monthly, should he save more or less every month? Why? Explain your reasoning.