Answered step by step
Verified Expert Solution
Question
1 Approved Answer
5. [-15 Points] DETAILS TANAPMATH7 4.2.021. MY NOTES ASK YOUR TEACHER Luis has $180,000 in his retirement account at his present company. Because he
5. [-15 Points] DETAILS TANAPMATH7 4.2.021. MY NOTES ASK YOUR TEACHER Luis has $180,000 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 30 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.) 7. [-15 Points] DETAILS TANAPMATH7 4.1.062. MY NOTES ASK YOUR TEACHER Anthony invested a sum of money 2 years ago in a savings account that has since paid interest at the rate of 5%/year compounded quarterly. His investment is now worth $23,289.55. How much did he originally invest? (Round your answer to the nearest cent.) B. [-15 Points] DETAILS TANAPMATH7 4.3.016. MY NOTES ASK YOUR TEACHER Suppose payments were made at the end of each month into an ordinary annuity earning interest at the rate of 2.5%/year compounded monthly. If the future value of the annuity after 14 years is $70,000, what was the size of each payment? (Round your answer to the nearest cent.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started