Parents want to accumulate $100,000 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.

Required:
Answer each of the following independent questions.
1. If they were to deposit a single amount, how much would they have to invest on December 31, 2024?
2. 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?
3. 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?