Ray is 27 years old today. He is a conservative person, and is thinking about his retirement when he reaches the age of 70. He decides to invest $7,000 at regular annual intervals for 15 years, starting from today. The fund that he is investing in will give him a return of 7.4% per annum. He will then leave the money in the account to grow further until he retires when he is 70 years old. How much will Ray have in the fund when he turns 70?