At t=0, a retirement account has $511,501. The account earns interest at a nominal rate of 7.7166% compounded 2 times per year. The first payment will be X and is made at the end of the first time period (note, time period is different than year). Each successive payment will be 1.1% higher than the previous payment and be made at the end of the corresponding time period. The retirement account will fund payments for 20 years. Determine the balance in the account after the 12th payment has been made.
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