Verde Company adopted a plan to accumulate funds to pay its bond payable under a sinking fund beginning January 1, 2024 at an estimated cost of P4,000,000 a 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 January 1, 2019 and every January 1 thereafter. Use the following future value factors: Future value of ordinary annuity of 1 at 8% for 5 periods-5.87Future value of annuity in advance of 1 at 8% for 5 periods. 6.34 What is the required annual deposit to the fund