The Commerce Society would like to endow an annual prize of $$465\mathrm{.}00$ to the student who is deemed to have exhibited the most class spirit. The Society is confident that it can invest indefinitely at an intere rate of at least $6\mathrm{.}2\%$ a year. How much does the Society need to endow its prize?

To endow its prize the Society needs $

$($Round to the nearest cent as needed.$)$