Luis has $150,000 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 $3000/quarter into the new account until his retirement 20 years from now. If the new account earns interest t the rate of 4.5 % / 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.) $ 535939.99 x How many sources of savings does Luis have in his retirement account? Is he making regular payments into this account? What two formulas should you use to find how much each of the two amounts are worth after this investment period is over? Click the Read It link to review the concepts you need.
Luis has $150,000 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 $3000/quarter into the new account until his retirement 20 years from now. If the new account earns interest t the rate of 4.5 % / 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.) $ 535939.99 x How many sources of savings does Luis have in his retirement account? Is he making regular payments into this account? What two formulas should you use to find how much each of the two amounts are worth after this investment period is over? Click the Read It link to review the concepts you need.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:Luis has $150,000 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 $3000/quarter into the new account
until his retirement 20 years from now. If the new account earns interest at the rate of 4.5%/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.)
$535939.99
X
How many sources of savings does Luis have in his retirement account? Is he making regular payments into this account? What two formulas should you use to find how much each of the two amounts are worth after this investment period is
over? Click the Read It link to review the concepts you need.
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