How much will luis have in his account at the time

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Reference no: EM13186500

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 $3500/quarter into the new account until his retirement 20 yr from now. If the account earns interest at the rate of 7%/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.)

Reference no: EM13186500

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