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

Option $($A$)$: A payment of $$752,500$ at the end of $4$ years, which is the scheduled completion time for the project.

Option $($B$)$: $$110,000$ 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 $4\mathrm{.}56\%$ compounded quarterly, calculate the balance payment offered in Option$($B$).$

Round to the nearest cent