Zack started work for the Fire Department 2 years ago and is covered by a defined benefit pension plan. Zack just turned 34 years old, and expects to retire at age 59. At that time, the pension plan will pay Zack annual pension payments equal to 2.6% of his final year's salary for each year of services rendered. The pension payments will continue until Zack's death, which actuaries expect to be when he turns 99 years old. For the current year, Zack will earn $50,000, and this annual salary rate is expected to increase by 3% per year. Assume that the Fire Department uses a 6% interest rate for its accrued pension obligations and the pension assets return 5%.

Determine the present value of the pension assets required when Zack retires. Round your amount to the nearest dollar