Dear it seems your fire pump capacity is taken considering 2 fire hydrants open at a time. Usually all codes and standards requires 250 gpm per hydrant. As you interested in the fire tank capacity, you must check that this tank is gonna supply only to your hydrants or there are other fire fighting means are also available in the project. If you have only fire hydrants, then you need to check prevailing code/ AHJ of your area and their minimum requirements. Usually they ask for 2 hours but also need to look at your hazard type. If its normal light or ordinary hazard as per NFPA you can consider your duration for 2 hours. In that case your fire tank will be of 500*120*3.785/1000=227.1 Cubic meter. You may also add a suitable safety factor from 10-25%.