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On January 1, Alan King decided to transfer an amount from his checking...

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Accounting

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On January 1, Alan King decided to transfer an amount from his checking account into an investment account that later will provide $86,000 to send his son to college (four years from now). The investment account will earn 9 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 four years? Complete this question by entering your answers in the tabs below. Required 1 Required 2 How much must Alan deposit on January 1? (Round "Present Value" to nearest whole dollar amount.) Table or Calculator Function: Future Value: n = % Present Value:

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