You want to buy a condo in 5 years. Assumptions:

• Based on where you plan to live and the size of the home youd like to have, you want to save enough for a down payment on a condo costing 500,000.
• To get a good loan with a good interest rate, you want to be able to make a 20% down payment or $100,000.
• Because of your financial acumen, you believe you can earn 6% after-tax on your investments.
• Youve been able to save $15,000 and you put that into your savings vehicle
• How much do you need to save at the end of each year to reach your objective?