Hawkeye Accessories received a note from a customer on January 1, 2020. The interest on the note is 10% payable annually starting December 31, 2020. The note with a principal amount of P4,000,000, matures in three years on December 31, 2022. The effective rate of interest on January 1, 2020 was 12%. What is the present value of the note receivable on the date of issuance