Suppose that each Subway location represents a $2,000,000 market and franchisees pay 8% of their revenues to Subway as annual royalties. If the cost of goods sold is 30% of revenues and franchisees can expect a 3.6% market share, what is the maximum franchise fee that a franchisee should be willing to pay, assuming that the franchisee's objective would be to satisfy (or pay for) the franchise fee entirely in the first year of operations? No credit will be given if you do not show your work. To show your work, use any of the following methods: use the equation editor upload an image showing your work via pen and paper type the equation in plain text