For tax reasons, your client wishes to purchase an annuity that pays $$100,000$ each year for $6$ years, with the first payment in one year. At an interest rate of $7\%$ and focusing on time value of money without consideration of any fees, how much would the client need to invest now?

Equivalent problem structure $($in neutral time$-$value$-$of$-$money terms$)$: What is the present value of an annuity that pays $$100,000$ each year for $6$ years, assuming a discount rate of $7\%$ and the first payment occurs one year from now?

Equivalent problem structure $($as a borrower$)$: How much could you borrow today in exchange for paying back $$100,000$ each year for $6$ years, assuming an interest rate of $7\%$ and the first payment occurs one year from now?

Please round your answer to the nearest hundredth.