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What is the interest for the four years

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On January 1, Alan King decided to transfer an amount from his checking account into an investment account that later will provide $ 80,000 to send his son to college (four years from now). The investment account will earn 8 percent, which will be added to the fund each year- end. 

Required (show computations and round to the nearest dollar): 

1. How much must Alan deposit on January 1? 

2. What is the interest for the four years? 

Reference no: EM13865602

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