Your father is celebrating his 50th birthday today and wants to start saving for his anticipated retirement at age 65. He wants to be able to withdraw $15,000 from his savings account on each birthday for 20 years following his retirement; the first withdrawal will be on his 66th birthday. After extensive research, your father determines that he can invest his money in an account that offers 5% interest per year (compounded quarterly). He wants to make equal annual payments on each birthday into the account the first payment on his 51st birthday, and the last on his 65th birthday. In addition your fathers employer will contribute $100 to the account at the end of every month as part of the companys profit-sharing plan (a total of 180 contributions). What amount must your father deposit personally each year on his birthday to make the desired withdrawals at retirement?

ANSWER: $7,305

I would like to know what the timeline looks like as well. thank you