Eleanor is switching jobs. She wants to roll over her previous jobs retirement fund of $72,000, Her new job pays every 2 weeks (26 times a year). She plans to add $450 from each paycheck into her new retirement fund, which pays 7.8% compounded every 2 weeks. She plans to stay at this new job until she retires in 18 years. a) How much will she have in her account from the money she rolled over? b) How much will she have in her account from her future annuity? c) What will be her final total amount at retirement?

Eleanor is switching jobs. She wants to roll over her previous jobs retirement fund of $72,000, Her new job pays every 2 weeks (26 times a year). She plans to add $450 from each paycheck into her new retirement fund, which pays 7.8% compounded every 2 weeks. She plans to stay at this new job until she retires in 18 years. a) How much will she have in her account from the money she rolled over? b) How much will she have in her account from her future annuity? c) What will be her final total amount at retirement?

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter14: Planning For Retirement

Section: Chapter Questions

Problem 2FPE

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