Client #5

After retiring, Becky wants to be able to take $3,750 every month for a total of 20 years from her retirement account. She wants to know how much she will need in her retirement account if the account pays 5.4% interest.

(5 pt) Find the amount Becky needs in her account when she retires. Write out 1) the correct formula with variables (e.g. P₀, P_N, N, r, etc.), and 2) the correct formula with the numerical values (round your answer to the nearest cent, 3) write the answer in a complete sentence.