Luis has $160,000 in his retirement account at his present company. Because he is assuming a position with another company, Luis is planning to roll over his assets to a new account. Luis also plans to put $2,000/quarter into the new account until his retirement 22 yr from now. If the account earns interest at the rate of 8%/year compounded quarterly, how much will Luis have in his account at the time of his retirement? Please round the answer to the nearest cent.
Luis has $160,000 in his retirement account at his present company. Because he is assuming a position with another company, Luis is planning to roll over his assets to a new account. Luis also plans to put $2,000/quarter into the new account until his retirement 22 yr from now. If the account earns interest at the rate of 8%/year compounded quarterly, how much will Luis have in his account at the time of his retirement? Please round the answer to the nearest cent.
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 23P
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Luis has $160,000 in his retirement account at his present company. Because he is assuming a position with another company, Luis is planning to roll over his assets to a new account. Luis also plans to put $2,000/quarter into the new account until his retirement 22 yr from now. If the account earns interest at the rate of 8%/year compounded quarterly, how much will Luis have in his account at the time of his retirement?
Please round the answer to the nearest cent.
Hint: Use the compound interest formula and the
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