Kim age 30 begins saving $2,500 per year at year end and continues to do so for 8 years and they stops saving. Joy age 40 begins saving $2,500 per year at year end and saves continuously until age 65. Assume both Kim and Joy earn a 12% return compounded annually. 

Calculate the total amount of savings and the accumulated balance for Kim and Joy, respectively at age 65. Explain the difference