A certain property is being sold and the owner received two bids. The first bidder offered to pay Php 400,000 each year for 5 years, each payment is to be made at the beginning of each year. The second bidder offered to pay Php 240,000 first year, Php 360,000 the second year and Php 540,000 each year for the next 3 years, all payments will be made at the beginning of each year. If money is worth 20% compounded annually, how much is the bid of the second bidder?