Chris Long has just learned he has won a $$$503,800$prize in the lottery. The lottery

has given him two options for receiving the payments.

$(1)$If Chris takes all the money today, the state and federal governments will deduct taxes at a rate of $47\%$immediately$.$

$(2)$

$$Alternatively$,$ the lottery offers Chris a payout of $20$equal payments of $$36,700$with the first payment occurring when Chris turns in the winning ticket. Chris will be taxed on each of these payments at a rate of $25\%.$

$$

Compute the present value of the cash flows for lump sum payout. $($Round answer to $0$decimal places$).$