Rendon Labrador, a focus-oriented person, is creating a bank retirement account. By the time he retires from work in 20 years, he wants to have accumulated P2,000,000 in the account. A local bank is ready to create a 20-year retirement account with an annual interest rate of 8% compounded quarterly. He wants to begin with a deposit at the conclusion of the first semiannual period and increased the deposit by Php 500.00 per semiannual, what should be the size of his first deposit?
