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Tom and Lisa are wanting to purchase a home in 5 years. They have accumulated $15,000 in a special account they have set up with

Tom and Lisa are wanting to purchase a home in 5 years. They have accumulated $15,000 in a special account they have set up with a brokerage firm currently earning 3.25%. They need to accumulate $60,000 by the end of 5 years in order to make the appropriate down payment, pay all closing costs, and do necessary renovations. They are wondering how much they need to put away each month in order to hit the $60,000 goal in 5 years time, assuming the 3.25% return lasts the entire 5 years.

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