Company factored P6,000,000 of accounts receivable to a certain bank at the end of current year. Control was surrendered by Uranus. The factor-bank assessed a fee of 3% and retained a holdback equal to 5% of the accounts receivable. In addition, the factor-bank charged 15% interest computed on a weighted average time to maturity of the accounts receivable of 54 days (use 365 days).  What is the amount of cash initially received from factoring?

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