Joseph Taylor signs a $1-$year contract with Carla Vista Video. The terms of the contract are that Joseph is required to pay a nonrefundable initiation fee of $$116.$ No annual membership fee is charged in the first yearAfter the first year, membership can be renewed by paying an annual membership fee of $$4$ per month. Carla Vista determines that its customers $,$ on average, renew their annual membership three times after the first year before terminating their membership $.$ What amount of revenue should Carla Vista recognize in its first year?