Jose, age $25,$ currently saves $$13500$ per year in his retirement account which is expected to earn $5\%$ return. Jose is planning to retire at $62$ and needs to fund his retirement upto age, $85.$ He has estimated that the annual amount needed during retirement would be $$47,000$ in today's dollar terms. The inflation rate is expected to be $1\mathrm{.}5\%.$ Calculate the lump sum amount required at the beginning of retirement to fund his post retirement period.

correct answer is $=$$$1,324,251,$ please guide me the steps to get this number.