T restaurant sold a fastfood restaurant franchise to I. The sale agreement, signed on January 2010 called for a P100,000 down payment plus two P50,000 annual payments representing the value of initial franchise services rendered by T restaurant. In addition, the agreement required the franchisee to pay 8% of its gross revenues to the franchisor. The restaurant opened early in 2010 and its sales for the year amounted to P750,000. Assuming a 12% interest rate is appropriate, T's 2010 total revenue will be (PV of annuity of Pl at 12% for two periods is 1.8901)