January 1, 2023, Mr. Yac is planning to rent out his idle property to earn additional money to support his favorite KPop girl group, Blackpink. Below are the facts related to the property. The property needs to be renovated at a cost of Php700,000 paid at the beginning of 2023 and it will take one year to complete. Based on engineer's estimate, the useful life of the asset is five (5) years starting in 2024 Mr. Yac is planning to rent the property after the renovation starting 2024 at an annual rent of Php500,000 paid at the end of the year The cost of minor repairs and maintenance is Php 50,000 paid at the end of the year. The appropriate discount rate for this type of asset is 7%. Use two-decimal places. Compute for the intrinsic value