The amount you have to save each month using sinking fund approach is $400.
Sinking fund approach
Using this formula
Amount to save=Cost of car/Number of months in a year
Where:
Cost of car=$4,800
Number of months in a year=12 months
Let plug in the formula
Amount to save=$4,800/12
Amount to save=$400
Inconclusion the amount you have to save each month using sinking fund approach is $400.
Learn more about sinking fund approach here:https://brainly.com/question/10709829
