On January 1, Alan King decided to transfer an amount from his checking account into an investment account that later will provide $97,000 to send his son to college (six 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: How much must Alan deposit on January 1
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