James & Julie are both $37$ years old and have two children. James makes $$70,000$ and Julie makes $$40,000$ per year.

Their expected portfolio rate of return is $8\mathrm{.}5\%$

They want to retire at $62$ with $80\%$ of their preretirement income. They expect to live to age $95$

They expect that Social Security will provide $$24,000$ to him and $$20,000$ to her at normal retirement age of $67$

They want to send their children to a state university. The current education inflation rate is $6\%.$ The current cost per year is $$20,000.$ The children are expected to attend school for $5$ years. The children are ages $8,$ and $6$ & will start college at age $18$

$5.$They have $$150,000$ in investment assets and cash & cash equivalents

At retirement, they want to buy a specialized RV$.$ The current cost is $$250,000$ and is expected to increase with general inflation

They are currently saving $$11,000$ per year $($James $$7,\frac{000}{?}$ Julie $$4,000)$ and have employer matches of $$3,300$ total $(3\%$ maximum$)$ for a total of $$14,300$ annually

The general inflation rate is expected to be $3\%$

Calculate & solve for the present value of all goals $($please make sure to show all work and include all steps covered in the example in class$)$