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John and Julie Johnson are interested in saving for their retirement. John and Julie have the same birthday - - both are 5 0 years

John and Julie Johnson are interested in saving for their retirement. John and Julie have
the same birthday--both are 50 years old today. They started saving for their retirement
on their 25th birthday, when they received a $20,000 gift from Julie's aunt and deposited
the money in an investment account. Every year thereafter, the couple added another
$5,000 to the account. (The first contribution was made on their 26th birthday and the
25th contribution was made today on their 50th birthday.) John and Julie estimate that
they will need to withdraw $150,000 from the account 3 years from now, to help meet
college expenses for their 5 children. The couple plans to retire on their 58th birthday, 8
years from today. They will make a total of 8 more contributions, one on each of their
next 8 birthdays with the last payment made on their 58th birthday. If the couple
continues to contribute $5,000 to the account on their birthday, how much money will
be in the account when they retire? Assume that the investment account earns 12
percent a year.
PLEASE HELP ME TO SOLVE ALSO CAN YOU PLEASE USE THE TABLE OF PVIFA FVIFA PVIF FVIF if needed.
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