8. Paul wants to pay for a new car in 5 years. He has decided to set a savings goal of $40,000 to purchase the car. How much will Paul have to save each month to reach his goal assuming he can earn 5% on his savings. (Hint: the number of periods will be 5 years * 12 months = 60 and the interest rate will be 5%/12 months = .0042).