Sam has just inherited $254,000 which he would like to use as part of his retirement nest egg. Sam has decided that he wants to retire 5 years from now at age sixty. He would like to know how much of his other funds need be set aside at the age of 60, with his $254,000 inheritance in order to reach his goal of a $78,000 annuity from age sixty for 11 years (until the year he reaches age 70). Sam assumes the funds can continue to earn at a 5.4 percent annual rate compounded annually. Calculate the answer to two decimal places.