On January 1, 2014, Alan King decided to deposit $82,800 in a savings account that will provide funds 5 years later to send his son to college. The savings account will earn 7 percent, which will be added to the fund each year-end. (FV of $1, PV of $1, FVA of $1, and PVA of $1)Use the appropriate factor(s) from the tables provided.
Required:
1.How much will be available in 5 years?