Answer
The answer is $\$50410$.
Work Step by Step
Let The deposit value is $P$.
Final retirement fund is $A=\$1,000,000$.
Time period $t=30$ years.
Compounded monthly $n=12$
Rate of interest per annum $r=10\%=0.10$
The formula is
$A=P\left ( 1+\frac{r}{n} \right )^{nt}$
$1,000,000=P\left ( 1+\frac{0.10}{12} \right )^{12\cdot 30}$
$1,000,000=P\left ( \frac{12.10}{12} \right )^{360}$
$1,000,000=P\left ( 19.8373993733 \right )$
Isolate $P$.
$\frac{1,000,000}{19.8373993733}=P$
$50409.8335262=P$
Rounding to the nearest dollar
$P=\$50410$.
