Math

Luis has $100,000 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 5.5%/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.)

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  1. The question said:
    "Hint: Use the compound interest formula and the annuity formula. "

    and .... ? , did you do that?
    Show me your steps

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    Reiny

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