Excel Institute Inc. is expanding its school facilities starting 2001. The program requires the following estimated expenditures:

P1,000,000 at the end of 2001

P1,200,000 at the end of 2002

P1,500,000 at the end of 2003

To accumulate the required funds, it has established a sinking fund constituting of 15 uniform annual deposits, the first deposit has been made at the end of 1992. The interest rate of the fund is 2% per annum. Calculate the following:

Annual deposit

The balance in the fund on Jan. 1, 2002.