On January 1, Alan King decided to transfer an amount from his checking account into an investment account that later will provide $85,000 to send his son to college (three 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? 2. What is the interest for the three 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 Required Required 23