On January 1, Alan King decided to transfer an amount from his checking account into an investment account that later will provide $96,000 to send his son to college (five years from now). The investment account will earn 7 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, Financial Calculator) (Use tables, Excel, or a financial calculator.) Required: 1. How much must Alan deposit on January 1? 2. What is the interest for the five 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 = i= % Present Value: On January 1, Alan King decided to transfer an amount from his checking account into an investment account that later will provide $96,000 to send his son to college (five years from now). The investment account will earn 7 percent, which will be added to the fun each year-end. (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1, Financial Calculator) (Use tables, Excel, or a financial calculator.) Required: 1. How much must Alan deposit on January 1? 2. What is the interest for the five years? Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the interest for the five years? (Round your final answer to the nearest whole dollar amount.) Total Interest