Modern Textiles Limited has to redeem debentures worth Rs 1 Cr by paying Rs 30 lakh at the end of the 8th year, Rs 30 lakh at the end of the 9th year and Rs 40 lakh at the end of the 10th year from now.

How much amount should a firm deposit in a sinking fund account at the end of every year for 7 years in order to meet the aforementioned payments? Assume that the interest rate earned on the deposit account is 8% per annum