John Rider wants to accumulate $95,000 to be used for his daughters college education. He would like to have the amount available on December 31, 2021. Assume that the funds will accumulate in a certificate of deposit paying 8% interest compounded annually. (FV of $1,PV of $1,FVA of $1,PVA of $1,FVAD of $1andPVAD of $1)(Use appropriate factor(s) from the tables provided.)

If John were to make five equal deposits on each December 31, beginning on December 31, 2017, what is the required amount of each deposit? annuity amount

If John were to make five equal deposits on each December 31, beginning on December 31, 2016, what is the required amount of each deposit? annuity amount

Answer each of the following independent questions.