Steve Long has just learned he has won a $$504,900$ prize in the lottery. The lottery has given him two options for receiving the payments. $(1)$ If Steve takes all the money today, the state and federal governments will deduct taxes at a rate of $47\%$ immediately. $(2)$ Alternatively, the lottery offers Steve a payout of $20$ equal payments of $$38,700$ with the first payment occurring when Steve turns in the winning ticket. Steve will be taxed on each of these payments at a rate of $25\%.$

Assuming Steve can earn $10\%$ rate of return $($compounded annually$)$ on any money invested during this period, compute the present value of the cash flows for annuity payout.