When Pacific Inc. bid for a project with the government, the company was offered the following two payment options: Option (A): A payment of $700,000 at the end of 4 years, which is the scheduled completion time for the project. Option (B): $145,000 paid upfront at the beginning of the project and the balance payment in 4 years. If the two payments are financially equivalent and the interest rate is 4.14% compounded semi-annually, calculate the balance payment offered in Option(B). Round to the nearest cent