Volvo Repair: 2001 S60 2.4T Lacking Power, transmission problem, rpms

Question
I recently bought a used 01 S60, trading from a 850 Turbo.  It is my understanding that this S60 has less horsepower, however it seems as though it is probably weeker than it should be.  On the highway, I can press the accelerator to the floor and the RPMs will increase but my speed will not.  The RPMs will max out at 5000.  At lower speeds it seems to drive normally.  It just doesn't really seem like the Turbo is kicking in.  Doesn't feel like it is a transmission problem.  

Answer
Seth, sounds like one of the turbo hoses has a hole in it or is collapsing when under boost.  To be honest, you should have kept your 850T.  A lot better car in my opinion.  Check the hoses and if they seem okay, then have a reputable Volvo shop check the car out.  Roger