Mike won $500,000 in a state lottery. He will get 1/20 of the sum each year for the next 20 years. After he receives his first installment, he plans to pay off a car loan of $7,765.12 and give his son $10,000 for college. By paying off the car loan, he will receive a rebate of 2% of the loan. If he must pay income tax of 28% on his first installment, how much (in dollars) will he have left to spend? (Round your answer to the nearest cent.)