On January 1, 2018, Optimum Corporation created a special fund with an independent trustee. The purpose of the fund is to provide resources to pay long-term bonds payable during the latter part of 2022. The company anticipates a total amount due of P2,000,000 and settlement by January 1, 2023. The company plans to make equal annual deposits each December 31, 2018 through 2022, to accumulate the amount needed to pay the anticipated construction cost. The independent trustee will increase the fund each December 31 at an interest rate of 10 percent. The accounting periods of the company and the fund end on December 31.

What is the carrying amount of the fund on December 31, 2021?