Your employer has agreed to make quarterly payments of $400 each into a trust account to fund your early retirement. The first payment will be made 3 months from now, and payments will stop after 20 years when you retire. When you retire, you will receive 10 annual payments with the first payment to be made at the end of year 21. The funds will be invested at 8% during the accumulation phase, and will be invested at 6.5% during the distribution phase. What annual payment will you receive in retirement
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