A state lottery commission pays the winner of the "Million Dollar" lottery $25$ installments of $$60,000$ per year. The commission makes the first payments of $$60,000$ immediately and the other n $=24$ payments at the end of each of the next $24$ years. Determine how much money the commission should have in the bank initially to guarantee the payments, assuming that the balance on deposit with the bank earns interest at the rate of $8\%$ per year compounded yearly. $($Hint: Find the present value of the annuity.$)($Round your answer to the nearest cent.$)$