Neverending Construction has entered into a fixed-price contract for a construction of a condominium. For the first year, the costs incurred to date include the following: Site Labor Cost, P1,800,000; costs of construction materials used, P3,200,000; depreciation of the plant used in the construction, P400,000; and marketing costs for selling the condominium units, when ready, P1,000,000. The total estimated cost to complete amounts to P6,600,000 for the first year and P6,000,000 for the second year. During the second year, cost incurred to-date increased by 20%. The contract price is P16,000,000. Question: 16. Calculate the realized gross profit for Year 2 under the percentage of completion method. (Use 2 decimal places for your percentages, i.e. xx.xx%)