# Question

Su Mei’s parents want to put enough money aside for her education by the time she goes to university 10 years from now. If they invest the amounts listed below at the beginning of each year, how much will Su Mei’s education fund have grown by the end of the fifth year and tenth year? Assume that Su Mei’s parents earn 7% on their investment.

Year 1 ......... $5,000

Year 2 ......... $6,000

Year 3 ......... $7,000

Year 4 ......... $8,000

Year 5 ......... $9,000

Year 1 ......... $5,000

Year 2 ......... $6,000

Year 3 ......... $7,000

Year 4 ......... $8,000

Year 5 ......... $9,000

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