On January 1,2014, Beal Company adopted a plan to accumulate funds for a new plant building to be erected beginning July 1,2019. at an estimated cost of P6,000,000. The entity intends to make five equal annual deposits in a fund that will earn interest at 8% compounded annually. The first deposit is made on July 1,2014.

Present value and future value factors are as follows:

Present value of 1 at 8% for 5 periods 0.68

Present value of 1 at 8% for 6 periods 0.63

Future value of an ordinary annuity of 1 at 8% for 5 periods 5.87

Future value of an annuity of 1 in advance at 8% for 5 periods 6.34

What is the annual deposit to the fund?