As a result of a legal settlement, Hayes Ltd. must make payments of $225,000 every two years over the next ten years (i.e. there will be a total of five payments, the first being two years from today and the last being ten years from today). Given a discount rate of 4.75% per year, what is the total present value of these payments? (Round your answer to the nearest dollar, but do not enter any dollar signs or commas.)