Jay, a public limited company, has granted $300$ share appreciation rights to each of its $500$ employees on $1$ August $20$X$5.$ The management feel that as at $31$ July $20$X$6,$ the year end of Jay, $80\%$ of the awards will vest on $31$ July $20$X$7.$ The fair value of each share appreciation right on $31$ July $206$ is $$15.$

Required:

What is the fair value of the liability to be recorded in the financial statements fol The year ended $31$st July, $2006.$