Fred, age 40, earns $65,000 annually; his wage replacement ratio has been determined to be 70%. He expects inflation will average 3% over his entire life expectancy. He expects to work until 67, and live until 95. He anticipates a 7.5% return on her investments. Fred does not expect to receive any Social Security retirement benefits. What is Fred's capital needed at retirement age of 67? Fred will take is distributions at the beginning of each period in retirement.