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Luis has $100,000 in his retirement account at his present company. Because he i

ID: 2768766 • Letter: L

Question

Luis has $100,000 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 $2000/quarter into the new account until his retirement 20 years from now. If the new account earns interest at the rate of2.5%/year compounded quarterly, how much will Luis have in his account at the time of his retirement? Hint: Use the compound interest formula and the annuity formula. (Round your answer to the nearest cent.)

Explanation / Answer

no of period 80 rate 0.63% PMT 2000 PV $100,000.00 FV $371,386.29

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Luis has $100,000 in his retirerment account at his present company. Because he

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