On January 1, Alan King decided to transfer an amount from his checking account into an investment account that later will provide $80,000 to send his son to college (four years from now). The investment account will earn 8 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? (Round your final answer to the nearest whole dollar amount.) 2. What is the interest for the four years? (Round your final answer to the nearest whole dollar amount.)

1.

How much must Alan deposit on January 1? (Round your final answer to the nearest whole dollar amount.)

2.	What is the interest for the four years? (Round your final answer to the nearest whole dollar amount.)