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, Financial Calculator) (Use tables, Excel, or a financial calculator.) Required: How much must Alan deposit on January 1? What is the interest for the three years