Joseph has won a lottery prize. He will receive a payment of $$120,000$ today. He will also receive payments at the end of each of the next $10$ years. These payments will grow by $3\%$ per year, i$.$e$.$ the payment one year from today will be $3\%$ more than the payment today, the payment two years from today will be $3\%$ more than the payment one year from today, etc. What is the total present value of the prize that Joseph has won, given a discount rate of $7\mathrm{.}7\%$ per year.