Ampersand Corporation has 10,000 shares of 7% ₱50 par preference share and 100,000 shares of ₱4 par value ordinary share outstanding. Two years of preference dividends are in arrears. The corporation declared a cash dividend large enough to pay the preference dividends in arrears, the preference dividend for the current year, and a ₱1.50 dividend to ordinary shareholders. How much is the total dividend declared?