6.1 HW 3 - 3. Award: 0 out of 33.34

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3. Award: 0 out of 33.34 points John Rider wants to accumulate $55,000 to be used for his daughter’s college education. He would like to have the amount available on December 31, 2021. Assume that the funds will accumulate in a certificate of deposit paying 8% interest compounded annually. (FV of $1,PV of $1,FVA of $1,PVA of $1,FVAD of $1andPVAD of $1)(Use appropriate factor(s) from the tables provided.) Answer each of the following independent questions. Required: 1.If John were to deposit a single amount, how much would he have to invest on December 31, 2016?

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2.If John were to make five equal deposits on each December 31, beginning on December 31, 2017, what is the required amount of each deposit?

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