For having been loyal, trustworthy and efficient, the company has offered a superior a yearly gratuity pays of P20,000 for 10 years with the first payment to be made one year after his retirement. The supervisor, instead, requested that he paid a lumpsum on the date of his retirement less interest that the company would have earned if the gratuity is to be paid on yearly basis. If interest is 15%, what is the equivalent lumpsum that he could get?