You decide to invest a $15,000 bonus in a money market fund that guarantees a 5.5% annual interest rate compounded monthly for 5 years. A one-time fee of $25 is charged to set up the account. In addition, there is an annual administrative charge of 1.25% of the balance in the account at the end of each year. (i) How much is in the account at the end of the first year? (ii) How much is in the account at the end of the fifth year?
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