Amy and Vince want to save $8,000 so that they cantake a trip to Europe in four years. How much must they save each month to have themoney they need if they can get 6%, compounded monthly, on their savings?

4. Estimating the Annuity Amount. Amy and Vince want to save $8,000 so that they can take a trip to Europe in four years. How much must they save each month te have the money they need if they can get 6%, compounded monthly, on their savinga? The amount Amy and Vince will need to save each month is (Use your financial calculator and round to the nearest cent.) Although the result the calculator returns may be a negative number the amount should be stated as a positive value. Interest is compounded monthly so the interest rate must be divided by 12 Using the calculator, enter values (?) from the question into your calculator Previous Ned