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 $1,000/quarter into the new account until his retirement 19 yr from now. If the account earns interest at the rate of 6%/year compounded quarterly, how much will Luis have in his account at the time of his retirement? Please round the answer to the nearest cent.
(Hint: Use the compound interest formula and the annuity formula.)
$__________

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The Answer of 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 $1,000/quarter into the new account until his retirement 19 yr from now. If the account earns interest at the rate of 6%/year compounded quarterly, how much will Luis have in his account at the time of his retirement? Please round the answer to the nearest cent.
(Hint: Use the compound interest formula and the annuity formula.)
$__________

Luis Has $150,000 in His Retirement Account at His Present