In five years, P1.8M will be needed to pay for a building renovation. In order to generate this sum, a sinking fund of three annual payments is established now. For tax purposes, no further payments...

In five years, P1.8M will be needed to pay for a building renovation. In order to generate this sum, a sinking fund of three annual payments is established now. For tax purposes, no further payments will be made after three years. How much payment is necessary if the money is worth 14% per annum? Assume a 6% inflation rate.