Alex changed jobs and plans to rollover the retirement savings from his old job. His new employer offers a retirement account that earns 6%/year compounded monthly. Alex will rollover $75,000 from his old account and make monthly contributions of $500 for the next 15 years. How much money will be in the retirement account at the end of that time? Use units and context in your answer, round to two decimal places.
Alex changed jobs and plans to rollover the retirement savings from his old job. His new employer offers a retirement account that earns 6%/year compounded monthly. Alex will rollover $75,000 from his old account and make monthly contributions of $500 for the next 15 years. How much money will be in the retirement account at the end of that time? Use units and context in your answer, round to two decimal places.
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 14PROB
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Transcribed Image Text:Alex changed jobs and plans to rollover the retirement savings from his old job. His new
employer offers a retirement account that earns 6%/year compounded monthly. Alex will
rollover $75,000 from his old account and make monthly contributions of $500 for the
next 15 years. How much money will be in the retirement account at the end of that time?
Use units and context in your answer, round to two decimal places.
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