Your client turned 38 today and have diligently run a business for 12 years and have no debt. Recently, their business has grown into a stable stage that generates a growing income stream for the family. From your initial consultation with your clients, you learn that they plan to retire on the day they turn 62. Their semi-annual income is $85,000, and they expect their family income will grow at a steady rate of 1.5% semi-annually until they retire. To prepare for retirement, your clients deposit 12% of their semi-annual income in a tax-deferred IRA account that generates an annual rate of return of 9.6%, compounded monthly.

Calculate the IRA account balance upon their retirement.