Zephyr Company is provided a grant by a foreign government for the purpose of acquiring land for a building site. The grant is a zero-interest loan for 5 years evidenced by a promissory note. The loan was granted on January 1, 2016 for P8,000,000. The market rate of interest is 6%. The present value of 1 for five periods at 6% is .7473. What is the deferred grant income on December 31, 2017?

1,212,960

1,282,670

1,682,896

I can't seem to get the answer:

I did 6,337,104 * .06 or 6% and get 380,226 as the answer what did I do wrong?