years. If he put the money in a 36-month CD at 8%, he will have $1,661.96 C. With the monthly saving option, he would have $1,661.96 in 3 years If he put the money in a 36-month CD at 8%, he will have $1,511.58 D. With the monthly saving option, he would have $1,585.35 in 3 years. If he put the money in a 36-month CD at 8%, he will have $1,702.68 Answer: 5. Estimating the Annuity Amount. Amy and Vince want to save $9,000 so they can take a trip to Europe in 4 years. How much must they save each month to have the money they need if they can get 8% on their savings? Answer: 6. Time Value of Savings. http://www.dinkytown.net/java/CompoundSavings.html Use the Compound Savings Calculator to answer this question: Start by entering these values: Starting amount = 0 Years to Save = 40 Rate of Return = 7% Additional contributions = $100 Frequency - per month Interest - compound annually. What will be your estimated total after 40 years? Answer Change the Years to Save to 35. Now what is your total? Answer How much did you give up by waiting 5 years to start saving for retirement? Answer What percentage reduction was this amount? I Answer . 5. Estimating the Annuity Amount. Amy and Vince want to save $9,000 so they can take a trip to Europe in 4 years. How much must they save each month to have the money they need if they can get 8% on their savings