$3,250 is withdrawn at the end of every month from an account paying 4.1% compounded monthly. determine the previous value of the account, given that withdrawals are made from the account for 30 years. round to the nearest cent.

The amount needed such that when it comes time for retirement is $2,296,305. This problem solved using the future value of an annuity formula by calculating the sum of a series payment through a specific amount of time. The formula of the future value of an annuity is FV = C*(((1+i)^n - 1)/i), where FV is the future value, C is the payment for each period, n is the period of time, and i is the interest rate. The interest rate used in the calculation is 4.1%/12 and the period of time used in the calculation is 30*12 because the basis of the return is a monthly payment.

FV = $3,250*(((1+(4.1%/12)^(30*12)-1)/(4.1%/12))