Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. luis has $190,000 in his retirement account at his

Luis has $190,000 in his retirement account at his present company. Because he is assuming...

50.1K

Verified Solution

Question

Accounting

Luis has $190,000 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 25 years from now. If the new account earns interest at the rate of 3.5%/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.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

Jamestown, Inc., plans to issue $4 million of bonds with a coupon rate of 7 percent,...

Accounting
1.2K views

Katie's Wedding Planning Service completed the following transactions: (10 MARKS) a. Billed clients for service, $1,350. b. Completed work...

Biology
1.2K views

Which gives off the most energy? a. DNA replication b. fermentation c. translation d. Calvin Benson cycle e. cell division

Physics
1.2K views

To a rough approximation, the Earth can be treated as a greybody sphere with uniform temperature,...

Biology
1.2K views

Proteolysis of the influenza to a produces a fusion peptide which initially binds glycoprotein on...

Physics
1.2K views

EXPLAIN THE CONCEPT THE FORMULA AND THE REASON FOR APPLYING IT HERE PLS EXPLAIN IN...

Calculus
1.2K views

Write the solution from the final simplex table X2 1 2 Z 13 0 0...

Calculus
1.2K views

Express the area of the following shaded region in terms of a one or more...

Algebra
1.2K views

Given that the sequence is geometric a10 78 732 i e the 10 term is...

Accounting
1.2K views

Two finished products, [A &Dare sold for $16 a unit and $24 a...

Accounting
1.2K views

Riverbend Studios Karen Brown, the CEO of Riverbend Studios, is having a tough...

Finance
1.2K views

The retail price of a medium-sized box of a well-known brand of cornflakes ranges from...