Mr. X plans to retire at age 66, and he believes that he can live comfortably with an annual pension of $64,000, to be withdrawn at the begninning of each year in his retirement. Suppose his pension account will generate 7.1% of annual interest rate, and suppose Mr. X believes that he will live to 104. In order to have sufficient money for his retirement, what is the minimum amount that Mr. X must have saved up in his pension account at the time of his retirement at age 66? Answer: $ _____________. (Round to two decimal places. Don't use dollar sign or comma in your answer.)