John just turn 25 years old yesterday. He wants to save $5,000,000 by the time he is 65. John has twin daughters that are two years old today. He wants to pay each daughter $40,000 per year for five years for anticipated college expenses. The first payment to begin when his daughters turn 18. He also has $10,000 saved and plans to invest it at 8% interest annually until he turns 65. Also he has property to sell ten years from today with a profit of $100,000, which he invests at 8% until 65. How much money does he need to save each year starting today if he earns 8% on his investments annually to reach his goal?

Thanks