This seems like a folder path not the path to a source or binary file, also for installing packages from binaries the command would be:
install.packages(path_to_file, repos = NULL)
And from source
install.packages(path_to_file, repos = NULL, type="source")
RStudio is just an IDE so it has nothing to do with your R package library but updating R to a new major version does require you to reinstall your packages since they require to be compiled for a specific R version, also, on Windows each R version gets its own package library so you need to account for that and move your packages or point your package library to the old folder.
We would need more specific information to help you out with this.