Determine the amount of money, to the nearest dollar, you must invest at 3% per year, compounded annually, so that you will be a millionaire in 30...

You need to use the formula for compound interest to evaluate the amount that should be deposited to produce one million after 30 years.

`A = P(1+i)^n`

P represents the amount that should be deposited and it is unknown.

`A = $ 1,000,000`

`n = 30` years

The rate of 3% per year is compounded annually, hence `i = 3/100 = 0.03` .

`P = A/((1+i)^n) => P = ($1,000,000)/((1+0.03)^30) => P~~$412575.294`

Hence, evaluating the present value of the investment, under the given conditions, yields `P~~$412575.294` .