Tom is planning to study a master's degree abroad after 5 years. Assume that he has determined that he will need $150,000 at that time in order to pay for tuition, room and board, party supplies, etc. He can earn 8% per year on his investment.

How much will his investment be worth after 5 years? If Tom decided to deposit $2,250 into his savings account every month for 5 years, with an annual interest rate of 6%. Would he achieve his goal?