Bartholomew plans to retire in 7 years from today with $500000 in his retirement account, which has an annual return of 3.5 percent. If he receives 12 annual retirement payments of X and his first retirement payment is received in 7 years from today, then what is X, the amount of each retirement payment?

Why is the type of product sold in an industry an important characteristic? a firm that can differentiate its product from that of rivals may be able to charge a higher price for a superior product. a firm that sells intangible goods is usually considered a monopoly. service industries cannot differentiate their products, which makes it easy for new firms to enter the industry. expensive products are usually sold by perfectly competitive firms.