We are trying to lease a warehouse for the next four years. Option $1$ is to pay $$650,000$ at the beginning of each year. Option $2$ is to pay $$55,000$ at the beginning of each month for the next four years and a security deposit of $$55,000$ now which will be returned at the end of the lease period. Find the present value of each option using an interest rate of $8\%$ per year.