Mari Ann is a beautician who currently leases her shop. She would like to buy her own building as she feels that it could be an investment which would provide a retirement income for her several years from now. To achieve this goal, Mari Ann has decided to save $500 a month, starting today, for the next five years. She expects to earn 6.45 percent, compounded monthly, on her savings. How much will she have saved by the end of the five years that she can use to buy a building?