Hamid, age 40 wants to retire at age 65. He will collect CPP of $14,000 and OAS of $7,500 at that time. His only other asset is RRSPS worth $150,000. He says his retirement expenses (needs) are $40,000 per year. He expects to live until age 85. Assume a discount rate of 1%. 

What is the total value of Hamid's RRSPs at the start of retirement?