On January 1, 2020, CDO Corporation created a special building fund by depositing a single sum of P100,000 with an independent trustee. The purpose of the fund is to provide resources to build an addition to the older office building during the latter part of 2024. The company anticipates a total construction cost of P500,000 and completion by January 1, 2025. The company plans to make an equal annual deposit from December 31, 2020, through 2024, to accumulate the P500,000. The independent trustee will increase the fund each December 31 at an interest rate of 10%. The accounting periods of the company and the fund ends on December 31.

How much is the fund balance as of December 31, 2020? (Round off future value factors to five decimal places)