Determine the amount needed such that when it comes time for retirement, an individual can make monthly withdraws in the amount of $2,154 for 30 years from an account paying 5.1% compounded monthly. round your answer to the nearest cent. a. $396,721.78 b. $398,407.85 c. $775,440 d. $1,833,962.40

You are given a monthly withdrawal of $2,154 for 30 years from an account paying 5.1% compounded monthly. You are asked to find the initial payment. use annuity equation here.

P = A [(1+i)^n]-1/i(1+i)^n
P = $2,154 [(1+(0.051/12))^30*12] - 1 / (0.051/12)(1+(0.051/12))^30*12
P = $396,721.78

The answer is letter a.