Marco is 47 years old and plans to retire at age 69. He wants you to assume he will be retired for 24 years before he dies. Assume Marco needs $52,245 at the beginning of the first year of retirement. Use an investment return of 7 percent and an inflation assumption of 3 percent. 

What amount of money will he need to have saved at the beginning of retirement? (Round any interest rate calculations to 4 decimal places e.g. .0125 for 1.25% and round the final answer to 2 decimal places)