You borrowed $20,000 today from your uncle to finance your college education. Your uncle is very flexible in your repayment plan, but he will charge an 8% interest compounded annually for any unpaid balance. Suppose your payment plan is as follows payment one: $5,000 two years from now payment two: $7,000 three years from now payment three: $X five years from now

How much (X) do you need to come up with in year five to ensure you have the necessary funds to pay off the loan?

	a.	$10,640
	b.	$14,923
	c.	$15,981
	d.	$13,562