Angie is a freshman, majoring in Art Design at Reedley College and planning to transfer to Fresno State after she gets her associate degree at Reedley College. She loves to travel and wants to go to Paris in 5 years from now as she would like to celebrate her great accomplishment, which is getting her degree. She is currently working as a student worker, making $1,000 a month. She figured out there is an investment, where she can generate 8% return, if she starts saving now. Based on her research, she will need to factor in the following expenses for her dream trip to Paris: airfare from Fresno Airport to Paris, travel insurance, hotels, transportation, foods, and attractions in Paris. Please tell her approximately how much she will need for the trip, explain the time value of money for non-business major, and how much she will need to start saving yearly, applying the time value of money (compounding interest).