When Pacific Inc. bid for a project with the government, the company was offered the following two payment options:

Option (A): A payment of $830,000 at the end of 3 years, which is the scheduled completion time for the project.

Option (B): $200,000 paid upfront at the beginning of the project and the balance payment in 3 years.

If the two payments are financially equivalent and the interest rate is 4.98% compounded semi-annually, calculate the balance payment offered in Option(B).

*round to the nearest cent