Question: Exercise 5-17 (Algo) Future value; solving for annuities and single amount [LO5-4,5-9] Parents want to accumulate $115,000 to be used for their child's college educotion.

Exercise 5-17 (Algo) Future value; solving for annuities and single amount [LO5-4,5-9] Parents want to accumulate $115,000 to be used for their child's college educotion. The parents would like to have the amount avaliable on December 31,2029 . Assume that the funds will accumulate in an account paying B\%, interest compounded annually. Answer each of the following independent questions: Required: 1. If they were to deposit a single amount, how much would they have to imvest on December 31, 2024? 2. If they were to make five equal deposits on each December 3t, beginning on December 31, 2025, what is the required amount of each deposit? 3. If they wore to make five equal deposits on each December 31, beginning on December 31,2024 , what is the required amount of each deposit? Note: For all requirements, use tables, Excel, or a financial calculator. Round your final answers to nearest whole dollar amount. EV of S1. PV of S1. EVA. of S1. PVA of S1. PVAD of S1 and PVAD of \$1)

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