In October 2011 Aslam had deposited an amount in an investment scheme at 12% interest compounded quarterly, with the objective of receiving Rs. 1,000,000 at the end of the 5th year i.e. October 2016. He has been informed that with effect from 1 October 2013 the interest rate on the scheme for the remaining period would be reduced to 10%. Determine the amount that Aslam should deposit on 1 October 2013 to have the required amount in October 2016.
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