You're saving for retirement and hope to have $1,000,000 in 50 years. Your account earns 5% annual interest. How would you need to deposit now if the account earns simple interest? Show work!

1.05^50=11.47% will be your interest over the years

1000000 = X x 11.47

1000000:11.47 = 87,183.96

I=PRT

I=interest

P=principal

R=rate

T=time in years

we want

I+P=1,000,000

I=PRT

R=5%=0.05

T=50

P (0.5) (50) + P=1,000,000

25P+P=1,000,000

26P=1,000,000

divide both sides by 26

P=38461.5384

round to tenth

P=$38,461.54

you would need to invest $38,461.54