Assume Joseph and Rita would like to be able to spend $48,000 per year (in today's dollars) when they retire in 7 years. They believe they can earn a 7% annual return on any invested funds and that inflation will be 4% annually over this same timeframe. Joseph and Rita wish to assume a retirement period of 30 years. What amount of capital must be on hand on day one of retirement to fund their goal? (Round to the nearest dollar.)