On December $31,2024,$ parents decide to accumulate $$85,000$ to be used for their child's college education. The parents would like to have the amount available on December $31,2029.$ Assume that the funds will accumulate in an account paying $8\%$ interest compounded annually.

Answer each of the following independent questions.

Required:

If they were to deposit a single amount, how much would they have to invest on December $31,2024?$

If they were to make five equal deposits on each December $31,$ beginning on December $31,2025,$ what is the required amount of each deposit?

If they were 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. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

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Annuity amount

Annuity amount