John will graduate from high school after 7 years and he Is now planning for the financial matters of his undergraduate program. Annual tuition fees will be $20,000 annually for four years. His uncle promised to help him by depositing $7,000 each year, from end of current year, into a bak account bearing 8 percent interest for the next 7 years. Will John be able to settle his fees with this arrangement? (7 marks)