An engineer who is now 65 years old began planning for his retirement 40 years ago. At that time, he thought that if he had $1.25 million when he retired, he would have more than enough money to live his remaining life in luxury. Assume the inflation rate over the 40-year time period was 2.69% per year, which is the approximate average for the past 100 years. What was the constant-value dollar amount of his $1.25 million 40 years ago, when he started his retirement plan