Vimal, a project manager, made a construction contract with another company which specifies a penalty for delay of completion beyond a certain date as follows: \(₹\)120 for the first day, \(₹\)140 for the second day, \(₹\)160 for the third day, etc., the penalty for each succeeding day being \(₹\)20 more than for the preceding day. How much money Vimal has to pay as penalty, if he has delayed the work by 37 days?
The penalty amount Vimal has to pay is \(₹\)_______