Athlete Kalen wishes to retire at age forty-five and receive annual birthday payments of $40,000 beginning on his forty-fifth birthday. After his death, the payments on the anniversary of his birth should go to his heirs. In order for kalen to be able to carry out his plan, he makes contributions to a savings account with a guaranteed annual effective interest rate of 4%. How much money will kalen need to have accumulated at age forty-five, just prior to his first $40,000 birthday payment?