Got an update and a new PC, do I need to install both on the new machine?

I have cs5 on a laptop that I am destroying.  I bought a new tower and have an upgrade to 5.5.  I downloaded 5.5 to the new machine, (thinking I could just put in both serial #'s) but now it tells me I can't use the update on the new machine because it can't find the old copy.  Does this mean I have to download CS5 to the new machine and THEN update to 5.5?  if so isn't that just a huge waste of space on my machine?  I have both serial #'s.  thoughts?

Typcially the program asks for the older serial number as I understand it (I have not done an install this way). Actually 5.5 is an update to 5 I think. Thus you would need the number of the prior version, not the 5 version. At least those are my thoughts.

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