A company wants to upgrade its boiler to increase its work production. It thinks of two options. The 1st option is to install one type of a boiler costing P 2M with a life of 10 years and an annual operating cost of P 30,000 and a salvage value of P 400,000. The 2nd option is another type of a boiler costing P1548477 with a life of 10 years, annual operating cost of P56394 and a salvage value of 10% of the first cost. If money is worth 24% cpd. a, what is the Annual Equivalent Cost of 2nd option