An error when creating new project in android studio

Every time I create new project i get this error:

Error occurred during initialization of VM
Could not reserve enough space for object heap
Error: Could not create the Java Virtual Machine.

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Start Android Studio, close any open project.

On the right side, click on Configure -> Settings.

On the left side, in Compiler->Gradle set VM Options to "-Xmx512m" (without quotes)

Press OK, then create a project. Worked for me.