Decided to transfer an amount from his checking account

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Reference no: EM131212852

On January 1, 2014, Alan King decided to transfer an amount from his checking account into a savings account so that he will have $95,000 to send his son to college 6 years from now. The savings account will earn 8 percent interest.

Required:

1. How much must Alan deposit on January 1, 2014 in order to reach his goal? (Round your final answer to the nearest whole dollar amount.)

Reference no: EM131212852

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