Assume that Social Security promises you $$37,000$ per year starting when you retire $45$ years from today $($the first $$37,000$ will get paid $45$ years from now$).$ If your discount rate is $7\%,$ compounded annually, and you plan to live for $16$ years after retiring $($so that you will receive a total of $17$ payments including the first one$),$ what is the value today of Social Security's promise?

The value today of Social Security's promise is $ $.($Round to the nearest cent.$)$