A leasing contract calls for an immediate payment of $$110,000$ and nine subsequent $$110,000$ semiannual payments at six$-$month

intervals. What is the PV of these payments if the annual discount rate is $8\%?($Hint: First find the semiannual rate that is equivalent to

the annual rate.$)$

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.