Lee is 26 and wants to retire at 65 with a retirement fund from which he can draw an interest income of $150,000 a year. He assumes he will have an average rate of return of 6%. He wants to know how much he needs to save each month to reach his goal and how inflation will affect his retirement savings. In order to earn $150,000 per year in interest, the balance of Lee's retirement account must be large enough that 6% of the balance is $150,000. Lee finds a 401K retirement account with a 6% rate of return compounded monthly. After retirement he wants to live off of the interest from the account. Find the balance Lee needs to have in his account.