Robert, a 26-year-old young adult is using the following information to plan his retirement:

Current Age: 26

Expected Retirement Age: 65

Life Expectancy: 95

Current Annual Expenditures: $62500

Expected Inflation Rate of Current Expenditures until Retirement: 2%

Interest rate: (7%,2)

Robert assumes that his yearly consumption expenditures will increase at a rate of 2%, the rate of inflation, until he retires.

Upon retiring, Robert will have end-of-year expenditures equal to his consumption expenditure at age 65.

What is the minimum amount that Robert must accumulate by age 65 in order to fund his retirement?