The life expectancy of the average 65-year-old Canadian male is about 16 additional years. Karsten wants to have sufficient funds in his RRIF at age 65 to be able to withdraw $40,000 at the beginning of each year for the expected survival period of 16 years. If his RRIF earns 6% compounded annually, what amount must he have in the RRIF at the time he turns 65?