What is the balance in the retirement account

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A retirement account is established with $500000. Annual payments are recieved at the end of each year for the next 20. the account earns an annual effective rate of intrest of 9.2%. the first payment is of size P and each succeeding payment is increased by 4% (to adjust for inflation) a)calculate P b) what is the balance in the retirement account after the 12th payment?

Reference no: EM131306624

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