Francis Scott Key just won a "Name That Tune" contest with a grand prize of $260,000. However, the contest stipulates that the winner will receive $70,000 immediately, and the remainder divided equally at the end of each of the next 11 years. Assuming that he can earn 5% on his money, what is the present value of his winnings? What is the present value of the winnings? (Round to the nearest cent.)