Question: On January 1, Alan King decided to transfer an amount from his checking account into an investment account that later will provide $84,000 to send

On January 1, Alan King decided to transfer an amount from his checking account into an investment account that later will provide $84,000 to send his son to college (five years from now). The investment account will earn 7 percent, which will be added to the fund each year-end. (Future Value of $1. Present Value of $1. Future Value Annuity of $1. Present Value Annuity of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. How much must Alan deposit on January 1? 2. What is the interest for the five years

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