At t0 a retirement account has 535000 the account earns, Ask an Expert

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At t=0, a retirement account has $535,000. The account earns interest at a nominal rate of 7.87% compounded 2 times per year. The first payment will be X and it occurs at the end of each year. Each successive payment will be 1.4% higher than the previous payment. The retirement account will fund payments for 22 years. Determine the balance in the account after the 16th payment has been made.

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